Alitalia chief agrees to sell assets to investors

ROME (AP) -- Alitalia's administrator says he has formally agreed to sell part of the bankrupt airline's assets to a group of Italian investors in a deal worth more than 1 billion euros ($1.25 billion).

Augusto Fantozzi said Thursday he accepted the offer by CAI Compagnia Aerea Italiana.

The government holds a 49.9 percent stake in Alitalia and it gave its go-ahead to the deal Wednesday.

The group of Italian investors will acquire Alitalia's profitable assets, including some of its planes and slots. The deal is worth 1.05 billion euros ($1.32 billion), with the investors taking on some 625 million euros ($783.8 million) in Alitalia debts and paying 427 million euros ($535.54 million) in cash.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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