Air Italy enters liquidation in tough trading conditions

Air Italy enters liquidation in tough trading conditions”

Air Italy, the country's second-biggest airline after Alitalia, has suspended operations after its owners chose to liquidate the company, meaning flights booked after February 25 aren't guaranteed.

Qatar Airways said it was unable to bail out Air Italy due to European Union laws which limit foreign ownership of companies to a minority stake. Flights booked after that point will be refunded.

Air Italy was founded in 1963 under the name Alisarda to promote tourism on the Costa Smeralda in northeastern Sardinia and was renamed into Meridiana in 1990.

In a statement, Qatar Airways said that since the acquisition on 28 September 2017 of a minority stake in Air Italy, it has strongly believed in the company and its potential, supporting management's proposed business plan with a view to improving Air Italy's growth and job creation, with the addition of long-haul routes and numerous in-flight service improvements, in line with Qatar Airways' globally renowned high standards.

Like many airlines, Air Italy has suffered from the financial effects of the ongoing grounding of the 737 Max aircraft.

Air Italy has engaged a variety of airlines to operate its remaining flights, including Wamos Air, Albastar, Neos, and Tayaran Jet.

O'Brien said Air Italy, which has been placed into liquidation, did not have any interesting slots for the Irish budget carrier.

Air Italy started operating in March 2018 after Qatar Airways bought a 49% stake in a predecessor, with the Aga Khan's Alisarda SpA owning 51%.

The decision to wind up the airline was taken at a shareholders meeting on Tuesday and the airline said flights between February 11 to February 25 would be operated by other carriers at previously scheduled times. Therefore, Air Italy tried to focus on flights further afield, including North America, Africa and various destinations in Asia. Primera Air ceased operations in October 2018.

In February 2019, German airline Germania filed for bankruptcy and British airline Flybmi stopped flying.

The Italian government continues to seek investors for Air Italia, which was put into special administration in 2017 and thrown a lifeline via a government bridging loan.

The industry has faced tough times with the outbreak of coronavirus.

Most recently, the fleet consisted of twelve aircraft - four Airbus A330s and eight Boeing 737s, including three Boeing 737 MAX.

Fewer Chinese tourists and a shock to the global economy from a slowdown in China would hit demand for flights.

Like this



15 February 2020
Sudanese government reaches settlement deal with USS Cole victims
Sudan has for years denied allegations that it provided material support to Al Qaeda or caused the attack on the Cole . There were no immediate details of how much the families will get in the settlement.

15 February 2020
Ireland's Sinn Fein leader blasts rivals
Asked if Fianna Fail would talk to Fine Gael about the formation of a government, Mr Collins said, 'That wasn't really discussed'. The Fianna Fail parliamentary party will meet later but Martin has repeatedly ruled out going into coalition with Sinn Fein.

15 February 2020
Ferrari in hot water over newly-launched 2020 F1 vehicle
Both the team and drivers made errors, while a lack of reliability also led to likely wins slipping through their fingers. We were on equal terms all throughout past year .

15 February 2020
Iran vows "crushing response" to any Israeli action against regional interests
It said some missiles hit their intended targets, which included a weapons depot near the airport. It said the "missiles were launched from over the occupied Golan Heights".

15 February 2020
Europe reports first coronavirus fatality, after Chinese tourist's death in France
A Chinese tourist has died in France after contracting the new coronavirus - the first fatality from the disease outside Asia. Only three deaths had previously been reported outside mainland China - in Hong Kong, the Philippines and Japan.

15 February 2020
The largest turtle ever
According to the researchers, this animal thrived during the Miocene epoch, a period that lasted 12 to 5 million years ago. LiveScience writes that "these horns were likely used as weapons in male-to-male combat, the researchers said".

15 February 2020
LeBron, Giannis choose teams for NBA All-Star Game
With the National Basketball Association exchange deadline now out of the equation, the focus shifts to the All-Star weekend. The 69 NBA All-Star Game will take place on Sunday, Feb. 16 at the United Center in Chicago, airing live at 8 p.m.

15 February 2020
Nikon's D6 flagship DSLR is here to ace sports photography
Robert Harmon, Interim Head of Commercial Planning, Nikon UK, told PhotoBite: "The D6 is a phenomenal successor to the Nikon D5 ". Nikon promises that its AF system is now faster, with "unmatched" accuracy that allows users to select each point individually.

15 February 2020
Liverpool fans tip Van Dijk to win Player of the Year award
Liverpool will next play against Norwich City in the Premier League on Saturday. The club is reportedly willing to offer a new contract to the Dutch global .

15 February 2020
Samsung launches its second foldabe, the Galaxy Z Flip, for $1,380
There is but one catch: Australia isn't one of the first countries scheduled to get the Samsung Galaxy Z Flip . The Galaxy Z Flip goes on sale February 14, retailing at $1,380.