Air Italy suspend operations and will be liquidated following a shareholders meeting today.
The airline announced that it will suspend operations from the 25th of February.
Qatar Airways, which owns $49% stake in the airline was willing to continue funding Air Italy, but following a shareholders’ meeting this morning, the decision was made in favor of “liquidazione in bonis” of the company.
Air Italy was launched in March 2018 with Qatar Airways holding a 49% stake and the Aga Khan’s Alisarda SpA owning 51%.
The airline was selling tickets on average €142, by making a loss of €82 for every passenger it flew in order win the competition.
Airline began to lose money as it was hampered by grounding Boeing 737 Max; it had three of the jets in its fleet.
This is another European airline to go bankrupt after Thomas cook, Wow Air, Adria Airways and few more..