I am quite surprised with the way these investors seem to focus on the sole T&Cs subject. Marketing, strategy, fleet do not seem to bother them at all. Wages at Alitalia are not outstandingly high. Some social aspects may need reconsidering (transportation from one base to another, holidays).
An airline can absolutely not rely on low salaries as a sole operating policy/strategy. Salaries are only a fraction of the entire cost structure. And costs is one thing, turnover is another. My bet is turnover will be THE tricy problem at AZ.