ROME, Italy (CNN)-- The ailing Alitalia airline has until Thursday to present a report on its state of finances to the Italian civil aviation authority or face a suspension of its license to fly.

ITA Airways is owned 100 % by the Italian State. It was created in October with 52 aircraft and just under 3,000 employees, while Alitalia had 11,000. ITA is currently undergoing a process of ...