Alitalia talks still on despite deadline

ROME, Nov. 1 (UPI) -- An Italian investors group negotiating to rescue Alitalia Airlines says it will continue talking with unions despite the passing of a self-imposed deadline.

The investors group, Compagnia Aerea Italiana, or CAI, had set a Friday deadline to get agreements in place with Alitalia's pilot and flight staff unions to proceed with its $1.27 billion rescue plan for the airline. Despite the lack of an agreement, the deal is still on, the BBC reported.

Talks had broken down with the unions after the investors had secured deals with four others workers' groups. CAI says it needs the unions' unanimous backing of extensive cost-cutting measures in order make its bid to rescue Alitalia from possible bankruptcy work.

Without a financial rescue plan, the cash-strapped air carrier could be forced to file for bankruptcy within weeks, the BBC reported.