Published: Sat, February 15, 2020
Markets | By Otis Pena

Shareholders liquidate regional carrier Air Italy

Shareholders liquidate regional carrier Air Italy

Furthermore, passengers that are returning home after February 25 can request to be booked onto an alternate flight back to Italy.

In a statement Air Italy said all flights would be operated, by alternate airlines, until February 25th.

Air Italy is the nation's second largest carrier behind Alitalia.

Air Italy announced that flights will continue until February 25, while flights booked at a later date will be recovered or produced by other carriers.

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

He added Ryanair did not see "any value" in Air Italy and that its only interesting slots would be those at Milan's Linate airport, but these would be too expensive.

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Following the shareholders' meeting of Air Italy (Alisarda and Qatar Airways through AQA Holding spa) which decided the "liquidazione in bonis" of the company, and with the aim of minimizing the inconvenience for passengers holding Air Italy tickets. The majority of the shares remained with the Italian Alisarda, which is owned by multimillionaire Karim Aga Khan IV. Losses continued in 2019, mounting to about €200 million, La Repubblica has reported.

In April 2017, it was announced that due to Qatar Airways purchasing a stake in the airline, the airline was to complete a fleet modernization with 20 Boeing 737 MAX 8 aircraft.

Qatar Airways also owns stakes in several airlines such as Hong Kong-based Cathay Pacific, China Southern Airlines, LatAm and British Airways owner IAG. Leasing aircrafts, while you have three new planes, must be very costly for the airline.

Qatar Airways, which also has stakes in other worldwide carriers, including China Southern and Cathay Pacific acquired its stake in loss-making Air Italy in 2017 and rebranded, making it the airline's long-haul.

Italy's flag carrier Alitalia is also struggling, with a minister recently claiming it loses 2 million euros (£1.71 million) a day. In addition, any outstanding debt from Air Italy would be paid, a spokeswoman said.

'Despite our minority shareholder's role, Qatar Airways has continuously provided all possible support to Air Italy right from the beginning, from releasing aircraft from our fleet and ordering new aircraft for Air Italy, to backing management choices and injecting capital and investment as required and permitted.

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