Alitalia heads into bankruptcy proceedings

first_imgAlitalia’s board has filed for an “extraordinary administration” as the Italian flag carrier staggers towards what could be its final days.The move will see the Italian government provide temporary funds to keep the airline flying while administrators are appointed to decide whether to sell or liquidate it.The administrators will have 180 days to arrive at a decision with a possible extension of 90 days, Bloomberg reported.The   Italian government has indicated it will not renationalise the carrier and major investors have no appetite to put in more money after the airline’s workers rejected a 2 billion euro restructuring deal that would have seen job losses and pay cuts.The airline is estimated to have lost 3 billion euros since it last emerged from bankruptcy in 2009The airline’s board said in a statement issued on Tuesday that the bankruptcy proceedings acknowledged “the serious economic financial situation of the company, of the unavailability of the shareholders to refinance and of the impossibility to find in a short period of time an alternative’’. Alitalia’s flight schedule would continue to operate as planned, it said.Major shareholder Etihad Airways, which owns 49 per cent of Alitalia, said it was not prepared to continue to invest in the airline without support for the restructuring. Etihad invested  1.7 billion euros in Alitalia in 2014.Etihad Aviation Group chief executive James Hogan said the Abu Dhabi airline had done all it could to support Alitalia but it was clear the business required “fundamental and far-reaching restructuring” to survive and grow.“Without the support of all stakeholders for that restructuring, we are not prepared to continue to invest,’ he said. “We, therefore, support the necessary decision of the Alitalia Board to apply for extraordinary administration.“We are disappointed that despite Etihad’s significant investments in Alitalia, alongside those of the other shareholders, the airline was unable to proceed in its current form.’’Hogan said an initial strategy developed by Alitalia at the time of Etihad’s investment and implemented from 2015  had delivered “significant improvements”. “However, new marketplace challenges, including greater low-cost carrier competition and the impacts of terrorist events on tourism demand, meant further, deeper change was required,’’ he said.The Gulf airline is advising its passengers with Etihad bookings on Alitalia, or vice versa,  to proceed with their travel plans as normal. It said it would communicate promptly and directly with its affected guests if the situation changed.The decision by the Alitalia workers to reject the restructuring comes as polls show most Italians are reluctant to bail out the troubled airline.last_img read more

Zuma suspends police commissioner

first_img24 October 2011South African President Jacob Zuma has suspended National Police Commissioner Bheki Cele while a newly established board of inquiry probes allegations of misconduct against him.“I have … decided to suspend the national commissioner from duty with immediate effect, pending the outcome of the inquiry, in terms of section 8 (3) (a) read with Section 9 (1) of the South African Police Service Act,” Zuma announced at a special media briefing in Pretoria on Monday.The President said he had established a board of inquiry into allegations of misconduct against Cele, to make findings and recommendations. He added that Cele would be entitled to his full salary, allowances, privileges and benefits during his period of suspension.“In August, I informed the National Commissioner, General Bheki Cele, of my intention to institute a board of inquiry to look into the allegations of misconduct, in relation to the procurement of office accommodation for the South African Police Service, as per the findings and recommendations of the Public Protector,” Zuma said.During her investigation into the lease agreements for police headquarters in Pretoria and offices in Durban, South Africa’s Public Protector, Advocate Thuli Madonsela, found that Cele’s conduct as the SAPS’ accounting officer was improper, unlawful conduct which amounted to maladministration.Madonsela’s first report on the police leasing deals, released in February, pertained to her investigation into the deal for the Middestad building in Pretoria, which was leased for R500-million from businessman Roux Shabangu.The second, released in July, scrutinised the R1.16-billion leasing of Transnet Tower in Durban, also from Shabangu.Madonsela found that the leases were unlawful, invalid and “fatally flawed”.Zuma said the board of inquiry would be chaired by retired Justice Yvonne Mokgoro. Other members of the board are Advocate Terry Motau SC and Adv Anthea Platt.The President said Major-General Nhlanhla Mkhwanazi would serve as acting national commissioner until further notice.Source: BuaNewslast_img read more

Big 12 Week 4 Recap: Dana Holgorsen is the Best

first_imgThe Mountaineers will look to continue their defensive success against the No. 15 Oklahoma Sooners this Saturday.Also, RIP this cheerleader.Kansas Jayhawks vs. Rutgers Scarlet KnightsThe sole non-conference loss came at the hands of the Kansas Jayhawks, who fell to the Rutgers Scarlet Knights 27-14.By the numbers:This was the 34th straight game that Kansas has lost on the road.Quarterback Montell Cozart (KU) had 193 yards passing.Kansas could only muster 64 yards rushing, averaging 2.2 yards per carry.Overall, there wasn’t much to see here, aside from this picture that pretty well sums up the current state of the two programs.The Jayhawks are now 0-3 and will try to get their first win of the season against Iowa State on October 3rd.(3) TCU Horned Frogs vs. Texas Tech Red RaidersIn Big 12 play, the TCU Horned Frogs and the Texas Tech Red Raiders went head to head in what was offensively the most exciting game of the weekend.With only 23 seconds left in the fourth quarter, TCU won the game on a tipped pass to edge Texas Tech 55-52 and move to 1-0 in conference play.Down 52-48, the Horned Frogs  faced a fourth-and-goal from the four-yard line.     Trevone Boykin hurled the ball just off the hands of  receiver Josh Doctson. The ball fell toward the back of the end zone, and for a second it seemed as though TCU was done for – enter senior running back Aaron Green.Green was in perfect position behind Docston, and caught the tipped pass with one foot down. Video review confirmed the catch. Four Big 12 teams began conference play last week, while three others wrapped up their non-conference schedules with two big wins and one loss (can you guess who)?Rice Owls vs. (5) Baylor BearsThe Baylor Bears dismantled the Rice Owls 70-17 in front of the home crowd in Waco. The No. 5 ranked and two-time Big 12 champion Bears carry plenty of momentum into conference play posting 793 yards of offense, a new season high, and making this the third consecutive game they’ve had at least 700 offensive yards. The Bears have now won 18 straight in Waco, the nation’s longest winning streak at home.By the numbers:Seth Russell (BU) completed 12 of 16 passes for 277 yards and six touchdowns, matching Bryce Petty and Blake Szymanski’s school record .Shock Linwood (BU) carried the ball 16 times for 158 yards and a touchdown, and Corey Coleman hauled the ball in for six receptions, 100 yards and three touchdowns.The Bears showed no signs of slowing down as they head into Big 12 play against Texas Tech in Lubbock this Saturday.Maryland Terrapins vs. West Virginia Mountaineers West Virginia took on Maryland in Morgantown and easily handled the Terrapins, winning 45-6. The Mountaineers will enter their conference schedule undefeated.By the numbers:Skyler Howard (WVU) threw for 294 yards and four touchdownsWendell Smallwood (WVU) posted a new career-high 147 yards rushing, and West Virginia tallied 601 yards of offense in their win.The Mountaineers defense also made their presence felt, stealing five interceptions.Oklahoma State transfer Daxx Garman actually got some playing time for Maryland, replacing quarterback Caleb Rowe late in the third quarter. Garman was responsible for getting his team on the board with a 46-yard touchdown reception to Jarvis Davenport.Contrary to years past, it’s the defense that’s been the difference as Dana’s squad has allowed the fewest points in the nation at 7.7 per game. (Which is probably even lower than the number of Red Bulls per game.) Of course the fake punts up 38 in the fourth quarter don’t hurt. By the numbers:Boykin finished the day throwing for 485 yards and four touchdowns, and he also carried the ball 14 times for 42 yards.Green rushed for 162 yards and two scores and two receptions, including the game winner.Josh Docston had an incredible day, finishing the game with 18 catches for 267 yards and three touchdowns.  His 18 receptions ties a Big 12 conference record that was set back in 1996 byTexas A&M receiver Albert Connell.Tech quarterback Patrick Mahomes threw for 392 yards and two touchdowns. Mahomes injured his left knee in the first quarter after diving toward the end zone after a lengthy run, but would stay in to finish the game with a knee brace.DeAndre Washington rushed 22 times for a career-high 188 yards and four scores.TCU and Texas Tech combined to run 187 plays and amass 1,357 yards.I imagine there was one tortilla for every yard gained. (photo courtesy of Reddit /u/DMTryp)Even after the insane tipped pass, the Red Raiders had a crazy sequence where it looked as though they might find the end zone after tossing the ball around like a hot potato to several players.After this shootout game for both teams, Texas Tech falls to 3-1 overall and 0-1 in conference play, and has to reload for the Baylor Bears. TCU faces Texas this Saturday.If you’re looking for the comments section, it has moved to our forum, The Chamber. You can go there to comment and holler about these articles, specifically in these threads. You can register for a free account right here and will need one to comment.If you’re wondering why we decided to do this, we wrote about that here. Thank you and cheers!last_img read more


first_imgSporting Images have posted photographs on their web-site of all the action from the Queensland Junior State Championships played at Rockhampton 25-26 August, 2007.To access the photographs for purchase please visit the Sporting Images web-site at:

DSME Names Four IceBreaking LNG Carriers

first_imgzoomImage Courtesy: DSME Daewoo Shipbuilding & Marine Engineering (DSME) has simultaneously named four ice-breaking liquefied natural gas (LNG) carriers at its Okpo Shipyard.In a ceremony on March 28, the shipbuilder christened the new vessels Nikolay Yevgenov, Vladimir Voronin, Georgiy Ushakov and Yakov Gakkel, after Russian Arctic explorers and scholars.Data provided by Reuters shows that the ships are scheduled for delivery in October and November of 2019, and January and February of 2020, respectively.The ARC-7 units will operate on the Arctic route and transport clean energy from the Arctic to the Asian and Nordic regions. Featuring a length of 299 meters and a width of 50 meters, the ships have a capacity to carry up to 172,600 cbm of LNG and break up to 2.1 meter thick ice.The units are being built for Teekay LNG Partners under a USD 4.8 billion contract for 15 ice-breaking LNG carriers, received in 2014. Each ship has a price of USD 320 million.So far, DSME has handed over 10 of these carriers to their owners, with five remaining under construction at the Okpo yard.World Maritime News Stafflast_img read more