ITA Airways, the successor to Italy's national airline Alitalia, which despite all the failures in the post-war period also experienced glorious years, is just over a year old.

But now there is a horrifying end if the rescue does not succeed soon.

Christian Schubert

Economic correspondent for Italy and Greece.

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The national airline urgently needs a partner because it is reported that it is making losses of more than one million euros every day.

Nevertheless, a significant expansion is planned: In the coming year, 39 aircraft are to expand the fleet - a capacity increase of 73 percent.

At the moment, nobody in Italy knows how the planes will be filled with passengers.

The recently appointed Chairman of the Board of Directors, Antonino Turicchi, should provide the answers.

He is an official from the Ministry of Economy and Finance and between 2003 and 2009 he headed the state investment company CDP.

Angry tongues in Italy claim that as a civil servant he could not turn down the job offer from Economy and Finance Minister Giancarlo Giorgetti.

The minister had previously apparently received some refusals from other people, it is said.

Turicchi's contract only runs until March.

But these months are crucial because ITA Airways needs to be dressed up as a bride.

Despite a good summer business, the situation for the company is threatening.

Because the government of Mario Draghi, which has since been replaced, has thoroughly screwed up the planned privatization expected by the EU Commission.

At the end of August, the Ministry of Economics and Finance rejected the takeover bid by Lufthansa and the shipping company MSC;

instead, she began exclusive talks with the American fund company Certares.

It quickly became apparent that the Americans had little to offer.

Industry insiders report that the Ministry of Economics and Finance has been taken in by Certares boss Greg O'Hara.

The American financier, a German-born son of Greek immigrants, is a former JP Morgan Chase banker who left the bank ten years ago.

At the Italian Ministry of Economic Affairs, they were apparently dazzled by the fact that Certares holds stakes in travel companies such as American Express Global Business Travel and an American luxury travel agency.

That should bring wealthy passengers to Italy.

In addition, Certares was content with only 51 percent and promised the Italian government far-reaching say.

This satisfied the officials' urge to intervene.

But the offer burst like tires on the landing of a poorly maintained plane.

The promised commercial cooperation with Air France and Delta Airlines also vanished into thin air.

Therefore, the new government must now start the bidding process again.

According to government circles in Rome, Lufthansa, Certares and the company Indigo Partners were recently admitted to the data room again.

The MSC shipping company, which was supposed to take over 60 percent of ITA in the earlier offer (compared to 20 percent for Lufthansa), is no longer in the running.