Bidders have until later today to register interest in ailing airline Alitalia, which reported yesterday it had lost more than €1 million a day in 2006.
Italian newspapers reeled at the "chasm" in the accounts of Alitalia, which said it expected a loss of about €380 million for 2006 - far wider than the €221 million it had previously forecast.
The Italian government has asked for expressions of interest by 5pm today for at least 30.1 per cent - a level that would force any buyer to make a bid for the whole airline.
So far, the sale of the government's 49.9 per cent stake has drawn interest mainly from private equity firms.
Alitalia, which offers any buyer the potentially lucrative Milan to Rome route, listed a string of woes in its Sunday accounts statement.
They included lost revenues due to strikes and competition from low-cost operators, an inability to cut labour costs, and the high price of fuel.