Troubled Italian airline Alitalia is officially off the auction block, after its last remaining potential buyer, US firm Matlin Patterson, failed to submit a bid.
“The ministry, having ascertained that Matlin Patterson does not intend to present a binding offer in the current privatisation procedure for Alitalia, declares the procedure closed,” the Ministry of the Economy said in a statement.
Distressed specialist Matlin Patterson was the final firm to walk away from the bidding. Yesterday, a consortium anchored by Italian airline AirOne pulled out of the bidding, after which the ministry said Matlin Patterson was still a potential bidder.
The distressed-focused firm was previously part of a consortium consisting of private equity firm TPG and Italian bank Mediobanca. The group abandoned the auction in May, citing inability to comply with government-imposed restrictions on the sale.