Shareholders liquidate regional carrier Air Italy

Shareholders liquidate regional carrier Air Italy

"From 11 to 25 February 2020 including all Air Italy flights will be operated by other carriers at the times and on the days already scheduled; all passengers who have booked flights departing or arriving after February 25 will be re-protected or fully refunded".

Under the terms of the liquidation, other airlines will carry Air Italy's passengers until February 25.

Air Italy, which was the second largest airline in Italy after the loss-making flag carrier Alitalia, operated formerly as Italian regional carrier Meridiana which in turn was the product of a merger in 1991 between Italy's Alisarda and Spain's Universair.

Passengers with flights booked after February 25 will be refunded or booked onto an alternative flight.

Unions put the number of jobs at the airline at 1,500.

Passengers can opt to claim their refund for unused flight segments by emailing the following address: [email protected] (or by contacting the travel agency if the ticket was purchased through it) prior to the flight's departure time.

Shareholders liquidate regional carrier Air Italy

According to data on Flight Radar, Air Italy has canceled some flights for today and tomorrow. The majority of the shares remained with the Italian Alisarda, which is owned by multimillionaire Karim Aga Khan IV.

On September 28, 2017, Qatar Airways (QR/QTR) acquired a minority stake of 49% in the airline and renamed the airline to Air Italy, which first took to the skies in early 2018.

Like many airlines, Air Italy has suffered from the financial effects of the ongoing grounding of the 737 Max aircraft. Leasing aircrafts, while you have three new planes, must be very costly for the airline.

"For this reason, Qatar Airways was ready once again to play its part in supporting the growth of the airline, but this would only have been possible with the commitment of all shareholders".

Asked for comment, Aga Khan Fund for Economic Development referred to the Air Italy press release, which states that "shareholders of Air Italy, Alisarda and Qatar Airways, through AQA Holding, have jointly decided due to the persisting and structural hard market conditions to put the company Air Italy into liquidation in bonis (voluntary liquidation)".

Investors had big plans for Air Italy when it was revived in February 2018, as the result of a fusion between Sardinia-based Meridiana and the original Air Italy, a smaller carrier based in Milan.

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