The flag carrier has suffered losses in 11 of the last 12 years

The airline, which is 62% owned by the state, said the government would buy into parts of Alitalia earmarked to be spun-off under a new business plan.

In a statement, Alitalia said it made a net loss of 519.8m euros (�350m) during the last year.

However, its auditors Deloitte & Touche have refused to sign off the accounts until more information is forthcoming.

"Deloitte says....that it does not have the elements necessary to give an opinion on the correct nature of the accounts," a spokesman for Alitalia said.

The airline stressed that the rescue deal would not breach strict European Union state-aid rules as private investors would also be involved in raising funds.

Alitalia gave no details about the size of the bridging loan, but earlier estimates put it at around 400m euros.

Disruption

Recently, Alitalia was forced to cancel hundreds of flights over three days.

This was a result of the disruption caused by unions which responded to the management's proposals to cut costs with strikes and airport blockades.

But unions have now agreed to the government rescue package aimed at saving the Italian carrier from bankruptcy.

Under the plan Alitalia chief executive Marco Zanichelli - who had only been in the job since February - has resigned, along with chairman Giuseppe Bonomi.

They have been replaced by former Italian railways chief Giancarlo Cimoli who will take over both jobs.

The airline's cash reserves have shrunk to 200m euros from 515m euros late last year and the airline had made a loss in 11 of the past 12 years.