Reuters: Bankruptcy News: Alitalia in deal with unions to cut workers' salaries, CEO pay

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Alitalia in deal with unions to cut workers' salaries, CEO pay Jun 6th 2013, 19:30 MILAN, June 6 | Thu Jun 6, 2013 3:30pm EDT MILAN, June 6 (Reuters) - Money-losing Alitalia said on Thursday it had signed a deal with unions to cut salaries, paving the way for launching a new strategic plan for Italy's flagship airline. CEO Gabriele Del Torchio and board members have agreed to cut their pay by 20 percent, while 2,200 ground staff will work 5 fewer days per month under a state-backed scheme. "Everyone has given up something important, but in this way we have been able to safeguard jobs," Del Torchio said in a statement. The next step is launching a new strategic plan for Alitalia, he said. Alitalia, 25 percent-owned by Air France-KLM, said the deal will help it achieve its cost saving targets in the short-to-medium term. The troubled airline, rescued from bankruptcy in 2008, posted net losses of 280 million euros ($365 million) in 2012 and 69 million euros in 2011.

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