"A big step forward has been taken,” Alitalia president-designate Luigi Gubitosi said.
"We did not obtain everything that we wanted, but from our point of view we did everything possible and above all we respected the deadline."
Gubitosi spoke after a board meeting of the former flag carrier, which had initially lined up 2000 lay-offs in order to try and improve the company's dire situation.
"We are aware that we'll need other people who have faith in Alitalia's future who will put in further resources, but in the meantime we needed to save the carrier and we've managed to do that thanks to efforts by all," Transport Minister Graziano Delrio said.
Delrio added that, even with the pre-accord reached overnight, there remained concern because the company still faces many challenges.
If the agreement fails it will cost the Italian State more than a billion euros, Industry Minister Carlo Calenda said on Friday.
A referendum on the accord is scheduled to take place from April 19 and the results will be verified on April 26.
If the preliminary accord is not approved by Alitalia employees, it could well pave the way for the airline to be placed under a special commissioner.
Alitalia unions have staged a series of strikes against the management's original business plan featuring over 2000 job losses among ground staff.
The plan entails the hiring of up to 500 flight personnel, including cabin crew and pilots, from 2019.
It also will see the former flag carrier buy eight new aircraft between 2017 and 2021, in addition to the one that went into use last month, for around 10 new long-haul routes.
The aim is to boost revenues and reduce costs in order to achieve profitability by 2019.
The airline currently employs 12,500 people around the world.
