The Strategist

Air Italy starts liquidation

02/12/2020 - 06:05

Italy's second largest air carrier, Air Italy, announced start of liquidation; its flights will end on February 25.

Simone Previdi
Simone Previdi
The company said the two owners of its shares, Qatar Airways and Alisarda, have decided to "hassle-free" liquidation and suspension of flights.

"From February 11 to February 25, 2020 inclusive, all Air Italy flights will be operated by other carriers at the appointed time and on the scheduled days; all passengers who booked flights departing or arriving after February 25 will receive full protection and compensation," the statement reads.

The reason for the liquidation of Air Italy is called "constant and structurally difficult market conditions." "For reasons of safety and protection of crews and passengers, a technical stop of flights and a passenger protection plan begin today."

Air Italy is a subsidiary of AQA Holding, owned by Alisarda (51%) and Qatar Airways (49%). The main hub of the airline is Milan Malpensa Airport. Its fleet has more than 10 aircraft. In its current form, the company has existed since 2018. The airline intended to become the main carrier of Italy, as its competitor Alitalia is in a constant crisis and began the bankruptcy process in April 2017.