EC Signs Off On CAI's Alitalia Takeover

Law360, New York (November 12, 2008, 12:00 AM EST) -- The European Commission cleared the sale of Alitalia to a group of Italian investors Wednesday and ruled that the buyers would not be responsible for repaying a €300 million ($374 million) loan from the Italian government.

The regulator said the government, which has retained control of the troubled portion of the airline that recently filed for bankruptcy in both Italy and the U.S., could begin selling assets to repay the loan, which the commission decided was illegal state aid.

The move paves the way for Compagnia...
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