Why on earth would anybody want to invest in Alitalia, especially a private equity fund if it can't asset strip or show a return in a few hours. Alitalia has a poor reputation, it loses money faster than it can be pumped in and has a workforce that is in total denial. Certainly the Italian market is worth some investment, once the EU have sorted its banking problems (some nasty medicine may have to be taken). Once that is done, existing market players will expand and/or either new operators will move in. But it won't be Alitalia. After all, it can't be illegally subsidised (again) by its government. Surely not...