=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SFGate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/n/a/2008/09/22/financial/= f040045D29.DTL --------------------------------------------------------------------- Tuesday, September 23, 2008 (AP) Alitalia hangs out 'For Sale' sign By COLLEEN BARRY, AP Business Writer (09-23) 13:11 PDT MILAN, Italy (AP) -- Alitalia has hung out a "For Sale" sign — again. The bankrupt airline published a notice in four newspapers on Tuesday soliciting offers to buy any or all of the company's assets. The move came after a group of Italian investors withdrew its offer to take over the profitable assets of Alitalia. It was the third failed attempt to sell off the long-troubled airline in less than two years as Italy struggles to keep a four-year-old pledge to the EU to privatize the flagship carrier. Alitalia is seeking "whoever might be able to guarantee the continuity, = in the medium term, of the transportation service ... to submit its expression of interest," read the notice published in the Italian newspapers Corriere della Sera, il Sole-24 Ore and la Repubblica, as well as the London-based Financial Times. The notice, initially posted Monday morning on the airline's Web site, urges potential buyers to take into account the need for a speedy transaction. Alitalia quoted bankruptcy administrator Augusto Fantozzi Tuesday night = as saying that in response to the public notice there has been some display of interest by both potential Italian and foreign buyers for "parts or branches of the company." Fantozzi did not elaborate. With Alitalia's future still unclear, Premier Silvio Berlusconi will not go to New York for the U.N. General Assembly, where he had been scheduled to speak on Saturday, Foreign Minister Franco Frattini told reporters in New York. Frattini said he would deliver the speech in place of Berlusconi, the Italian news agency Apcom reported. Meanwhile, the first report of a creditor moving to seize assets from Alitalia was confirmed. The Israel Airports Authority has an application pending with a court in Tel Aviv to recover $500,000 owed by Alitalia, a spokesman said Tuesday. Barring a valid offer, Fantozzi — appointed after the airline declared bankruptcy Aug. 29 — said Alitalia's clock would stop ticking Oct. 1. Italian civil aviation authorities have indicated the end might come even sooner. The government has already made clear that the offer by the group of Italian investors led by scooter-maker Piaggio chairman Roberto Colaninno was the last best chance for Alitalia's survival. The group had pledged to inject 1 billion euros ($1.4 billion) into the bankrupt airline, sell off unprofitable assets and merge the rest with Italy's No. 2 carrier Air One. But the deal — like the offer by Air France-KLM last spring — was withdrawn amid union objections. Italian aviation authorities have warned that Alitalia could be grounded within days if no deal is reached to sell the bankrupt airline. Italy's civil aviation agency ENAC has said it is monitoring Alitalia's safety situation daily. ENAC wants to verify the airline can fulfill European Union requirements, such as having enough money to ensure refueling, maintenance and safety. Fantozzi has said that this month's payroll, due Sept. 27, will use up much of what little cash Alitalia has left. -------------------------------= --------------------------------------- Copyright 2008 AP <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> If you wish to unsubscribe from the AIRLINE List, please send an E-mail to: "listserv@xxxxxxxxxxxxxxxxx". Within the body of the text, only write the following:"SIGNOFF AIRLINE".