Alitalia's flight attendants are seen at the Leonardo da Vinci-Fiumicino Airport in Rome, Italy, April 28, 2017. REUTERS/Tony Gentile
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Alitalia SpA started bankruptcy proceedings for the second time in a decade, throwing the survival of Italy's flag carrier in doubt after workers rejected job cuts and concessions linked to a 2 billion-euro ($2.2 billion) refinancing plan.Etihad, which owns 49 percent of the carrier, said it won't extend additional funding.Etihad's stake purchase, part of a 1.76 billion-euro rescue of Alitalia in 2014, was a major chance as the Gulf carrier sought to transform the struggling carrier into a five-star airline.While Etihad withdrew financial support, the Gulf carrier said it's ready to work with Alitalia as a "commercial partner," which effectively means that code-share agreements continue.While Alitalia was delisted in the wake of its previous collapse, its 375 million euro bond due July 2020, dubbed " Dolce Vita," fell Tuesday to 15.9 cents on the euro, down from about 45 cents on April 21 and 94 cents at the end of last year, according to price data compiled by Bloomberg.
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