Air Lease Corporation Expresses Concerns to Italian Minister of Economy Over Ita’s Future

What Air Lease Corporation wrote to the Minister of Economy, Giancarlo Giorgetti, about Ita and its surroundings

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Not just foreclosures and controversies over Ita’s accounts. Alitalia’s successor airline is also shaken by other news, which has so far been kept confidential.

But the trouble of the day could be called Steve Hazy, aka Mr. Air Lease Corporation, one of the most important millionaire managers in the aeronautical leasing sector. In September 2021, Hazy closed an agreement with Ita for the rental of 31 airplanes, as well as having taken charge, through some subsidiary companies, of the leasing of other older airplanes that were previously in Alitalia’s portfolio.

According to some rumours, in the last days of 2023 Hazy sent a letter to the Ministry of Economy and Finance, directly to Minister Giancarlo Giorgetti, in which he would like to know from the Ita shareholder what the Italian company’s plan “B” could be in in the event that Lufthansa does not enter the shareholding structure of the Italian carrier.

The letter would be the direct consequence of a chat that Hazy himself had a few days before Christmas with Carsten Sphor, CEO of Lufthansa, in which Spohr himself said he was very worried about the slowdowns in the dossier imposed by the EU Commission. Again according to these indiscretions, Hazy’s letter would express a strong concern for the slowdowns in the Ita-Lufthansa dossier and the sacrifices that Brussels would have asked of the German giant in exchange for the Antitrust Commission’s green light for the marriage with Ita, thus fearing a renunciation on the part of the Germans in case the remedies requested by DG Comp were too burdensome for Lufthansa’s assets.

And again on the Ita-Lufthansa dossier, insistent rumors are gaining strength that Ita is involved in negotiations for entry into the Star Alliance. However, this news is totally without any foundation. At the moment, in fact, Star Alliance has not given any consent to such a delicate operation which can only be carried out after there has been the green light from Brussels for Lufthansa’s entry into ITA. In fact, such a risky move could make the evaluation of the dossier by the Competition DG even more difficult, extending the procedure times even further.

If two clues still don’t prove it, we’re close. In fact, if on the one hand there is ITA giving up the Malpensa-New York flight and on the other there is the movement of ITA flights from Terminal 2F to Terminal 2B, in Paris Charles de Gaulle everything portends a departure from the scene of ITA from the Franco-Dutch alliance of Sky Team. And now the other side of the coin: if Star Alliance cannot annex ITA in the short term, the Italian company will find itself with a big problem on the sales of tickets for long-haul flights, as Sky Team itself guaranteed the Italian carrier most of the passenger revenue originating from North America. How will ITA now make up for these lost earnings?

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2024-01-02 11:32:55
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