Investors are the second largest carrier in Italy, Air Italy, have agreed to liquidate the company, citing “persistent and structural problems in the market”, according to the website of the company.
the Decision was taken “unanimously,” announced the carrier, but in a separate statement, Qatar Airways, which owns 49% stake in Air Italy, it was said that Qatar was ready to support restart of the airline.
Air Italy, formerly known as Meridiana, is the second largest airline of the country after Alitalia. Regional carrier Alisarda owns the remaining 51%.
Under current rules, foreign investors cannot own more than 49% of European airlines.
Qatar Airways, which also has stakes in other international 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.
last year, Air Italy said it expects profitability “in the near future”, although the airline also reported that suffered from problems with the Boeing 737 MAX.
But the expansion of airlines have been under scrutiny in Washington, where legislators said its routes to the United States violated the agreement between the largest American carriers and airlines of the Persian Gulf.
In the process of elimination legally different from bankruptcy, providers, and staff receive all their entitlements, and at the end of the process the company will remain outstanding.
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.