Europe’s brutal airline market has forced out its latest casualty, Air Italy, whose owners have decided to liquidate the company.
Bosses at Air Italy, which is the country’s second largest airline after Alitalia, decided to wind up the company after a meeting of its shareholders.
Alisarda is the majority shareholder while Qatar Airways holds a 49% stake in Air Italy.
Flights have ceased and Air Italy passengers will be put onto alternative carriers until 25 February.
But according to reports, Ryanair intends to put in an offer for Air Italy and is expected to make a statement at a press conference in Milan later today.
Europe’s airlines face significant challenges and Air Italy is the latest victim of increasing competition from the likes of Ryanair and EasyJet and evolving business models.
The grounding of the 737 Max jet is also thought to have impacted on the fortunes of some operators in Europe.
Last year saw the likes of Germania, Flybmi, Wow Air and Thomas Cook all cease flying.
According to Reuters, the Italian government is supporting Alitalia while it searches for investors.