Certain people on this forum, and in the wider UK, complain when the UK is prohibited from doing something because of EU regulations. It works both ways: the Italian government cannot bail out Alitalia because that would be illegal under EU rules, and anyway the government has made it clear that it has no intention of doing so (and 77% of the population agree). Even the loan will have to be approved by the EU. It stands to reason that whatever assets it has will realise more in an orderly disposal than in a fire sale.