Air Italy investors agreed on Tuesday to place the struggling Italian carrier into liquidation, the airline said citing persistent and structural market problems”. Updated 1835 GMT (0235 HKT) February 11, 2020. In a statement issued on February 11, Air Italy said it was being placed into voluntary liquidation, following a meeting of its shareholders. It will be a painful experience for Qatar to go through Air Italy’s liquidation. Lufthansa’s CEO Carsten Spohr spoke last month of what he considers a viable plan for Alitalia that might encourage the German airline group to acquire it. If history is any guide, evergreen but never profitable Alitalia may find another last-minute investor to keep it flying. It also offered direct flights from Italy to locations in Africa, including Cairo and Lagos. by Travel Radar February 11, 2020. written by Travel Radar February 11, 2020. The announcement came following a shareholders meeting which decide on liquidating the carrier. It would involve a fleet reduction from 113 to 90 aircraft, and the selling of ground services and maintenance operations, reducing staff by nearly half to around 5,000-6,000 employees. Air Italy has entered liquidation after shareholders Alisarda and Qatar Airways refused to invest further resources in the company. Factset: FactSet Research Systems Inc.2018. However, as industry analyst Addison Schonland has previously pointed out, Air Italy posed no real threat to the U.S. majors, except perhaps in diminishing the value of their premium product. Air Italy has shut down operations. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. All rights reserved. Replacement flights for passengers booked on now-cancelled flights will be operated by other airlines until February 25. I’ve spent months in the hangars of airlines and aircraft manufacturers, dressed aircraft seats by hand, and worked with crew at training centres around the world. Air Italy is the latest in a string of European airlines to suffer from fierce competition and shifting business models. Opinions expressed by Forbes Contributors are their own. Simply put, Qatar Airways represents a grave threat to American jobs and the health of the airline industry.”. Can It Do The Same For Drones? Affected passengers will be re-accommodated if possible or given full refunds. Content delivered in partnersgip with Travel Radar Media.. Air Italy Liquidation, by Travel Radar Correspondent David Hopwood. Air Italy has suspended all operations from 25 th February and flights up to that date will be operated by other carriers. After an emergency meeting, shareholders of Air Italy have decided to liquidate the airline. Qatar Airways-backed carrier Air Italy has entered liquidation and is ceasing operations, the airline announced Tuesday afternoon. London (CNN Business) Air Italy has suspended operations after its owners decided to liquidate the company, leaving customers with flights booked after February 25 in the lurch. Inside the decision that's still rattling the movie industry to its core, Tucker Carlson claims vaccine campaign 'feels false, because it is', How the vaccine gets from the lab to your arm, McDonald's is putting cameras in dumpsters. Air Italy has suspended all operations from 25 th February and flights up to that date will be operated by other carriers. Following a shareholders' meeting this morning, the decision was made in favor of “liquidazione in bonis” of the company. I offer an insider’s view of the business of flight. 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February 12, 2020 by Martin Damm Laupstad The Italian airline Air Italy, owned by Alisarda and Qatar Airways, has entered liquidation after shareholders refused to invest further resources in the company. Delta Air Lines has expressed an interest in investing approximately $111.34 million, but no more, and that investment is contingent on the Italian government forming a working consortium. I worked in aviation from 1994-2010 before turning my experience to writing about airlines and airports for leading industry and consumer publications in 2013. This is the crux of Alitalia’s longevity despite the economic realities—it creates jobs for those who need them. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Air Italy Liquidation. Air Italy has entered liquidation after shareholders – Alisarda and Qatar Airways – refused to invest further resources in the company. Most stock quote data provided by BATS. To avoid travel disruption, all Air Italy flights from February 11 to February 25 will be operated by other carriers as originally scheduled. It continues to cling to life with a bridge loan backed by the Italian government. While Qatar Airways was willing to continue funding Air Italy, they were unable to obtain support from the Aga Khan. It will serve Qatar as a test case for future investments of startup airlines. If you… Continue Reading Air Italy's investors agreed on Tuesday to place the struggling Italian carrier into liquidation, the airline said citing "persistent and structural market problems". All times are ET. In a statement, Qatar indicated that it would have been ready to invest more in the airline. Air Italy has suspended operations after its owners decided to liquidate the company, leaving customers with flights booked after February 25 in the lurch. The government had said that it would not keep pouring public money into the enterprise. Shareholders withheld financing after Air Italy incurred losses reported as high as 400 millionen Euro over the last two years. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Due to new Transportation Security Administration (TSA) requirements for flights to the United States, from June 30, 2018, passengers are encouraged to place powder-like substances over 12 oz. For Qatar Airways, Air Italy's liquidation will be a painful lesson as the first failure of an airline in which it has taken a stake. Italy's … Air Italy was an Avios partner, and indeed used Avios as its loyalty currency. Passengers booked for … This is the logic that is illustrated when I spoke with the Italian ‘players’ in the last few weeks,” Spohr said. I’ve negotiated with airline CEOs and worked with buyers, engineers, leading design firms, suppliers and aircraft manufacturers on the launch of new programs. In Italy, it seems, only Alitalia can afford to fly bankrupt. I worked in aviation from 1994-2010 before turning my experience to writing about airlines and airports for leading industry and consumer publications in 2013. I’ve spent. For the … The Indian Navy’s Carrier MiG-29s Keep Crashing, Will New Delhi Seek A Replacement Fighter? All rights reserved. Air Italy allegedly on the brink of liquidation Il Sole 24, one of Italy’s most respected newspapers, is reporting that Air Italy is on the brink of liquidation. The investors behind Air Italy, Qatar Airways and the Aga Khan, have announced the end of the airline, a two-year venture that was launched with … Air Italy has announced that it will liquidate its operations, ending all flights on Feb 25. “Qatar Airways has strongly believed in the company and in 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,” the airline said in a statement. Passengers get cold shoulder as budget airline shuts down, Covid relief bill extends aid to struggling Americans, 'Trolls' digital release was a first. All Rights Reserved, This is a BETA experience. Air Italy's investors agreed on Tuesday to place the struggling Italian carrier into liquidation, the airline said citing "persistent and structural market problems". Italy could be on the verge of bankruptcy really love being on a plane—even the... 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