Giancarlo Cimoli, who was CEO from 2004 to 2007, received an eight year and eight month sentence for culpable bankruptcy, on top of a €240,000 fine, while Francesco Mengozzi, who led the company between 2001 and 2004, got five years.
Two former financial directors - Gabriele Spazzadeschi and Pierluigi Ceschia - were also handed jail terms by the Rome court of more than six years for their role in the bankruptcy.
Meanwhile, three other former managers - Giancarlo Zeni, Leopoldo Conforti and Gennaro Tocci - were acquitted.
Alitalia struggled to recover from the 2008 bankruptcy despite Air France-KLM buying a 25 percent stake in the carrier a year later.
Abu Dhabi's Etihad came to the rescue last year, investing €560 million in a multi-level deal comprising a 49 percent equity stake in the airline and a 75 percent stake in its loyalty programme, MilleMiglia.
Etihad's commitment was the largest part of a broader investment with other stakeholders, which totalled €860 million. The investment is expected to help the airline return to profitability in 2017.