Alitalia (AZA, Rome Fiumicino) has converted the 300 million EUR government loan into equity in early June to avoid bankruptcy. The European Commission has ruled that the loan is considered as illegitimate state aid. Its financial advisor Intesa Saopaulo is still working on a new business plan that could include up to 7000 job cuts and trying to secure new financing from Italian investors for the ailing carrier. It has reportedly also seen interest from several Italian investment groups to acquire its cargo division that currently operates five MD-11F freighters. Alitalia Express (XM/Rome Fiumicino) is operating new seasonal four times weekly ERJ-145 services from Olbia to Parma and Pisa between June 20 and September 15.