Italian Union May Appeal Insolvency Declaration of Tirrenia

An Italian labor union said it may appeal a Rome court ruling to declare ferry operator Tirrenia di Navigazione SpA insolvent and will fight against the state-owned company’s breakup, Bloomberg Businessweek reported. “We fear that after the insolvency, Tirrenia will be broken up into many companies, hurting its service and workforce,” Giuseppe Caronia, general secretary of the Uil Trasporti union, said. “We have nothing against the company’s sale in one piece to investors willing to keep the jobs and a state stake.” Uil Trasporti has called a strike on Aug. 30-31 to protest the company’s possible breakup, Caronia said. Italy failed this month to sell Tirrenia and on Aug. 5 approved “emergency financial provisions” to help guarantee ferry services. The sale was pulled after the government did not reach a final agreement with bidder Mediterranea Holding. A Rome judge today declared Tirrenia insolvent, the first step toward placing the company under state administration. Read more.