Toto-Livingston, agreement reached

Last 2 November an agreement was reached between the extraordinary administrator of Livingston, Daniele Discepolo, and Riccardo Toto, son of Carlo Toto and leader of AirOne Executive at the Ministry of Economic Development in the presence of trade-union representatives.

Once finalised, the contract will lead to the company’s acquisition by Riccardo Toto, leader of the charter company that operates long and medium range flights.

Agreement was reached after the submission and approval of the industrial plan which among other things includes:

a) activation of a fleet of three A-330/200 and eight A-320/200, expected to serve sixteen million passengers by 2016;

b) out of the 400 Livingston employees currently on a redundancy scheme, 106 will be re-admitted to service in 2012 and 350 in 2013;

c) in fact, the company will partly become a low-cost carrier selling 80% of its tickets on the web and 20% via travel agents;

d) negotiation of supply contracts;

e) long-term funds amounting to 27.5 million Euros, of which ten million will be provided by the company itself, six million through a pledge and 11.5 million will be loaned.