The airline entered bankruptcy protection for the second time in less than two years in March 2014. It was placed in an insolvency procedure known as Amministrazione Straordinaria, which is similar to the US Chapter 11 bankruptcy proceedings, by which a company is given a chance to reorganize in the hope of being able to carry on business.
The Italian government has taken control of the airline’s affairs as the former searches for a suitable purchaser. The aim is to sell the airline as a going concern via a tender process; services have been maintained while this search proceeds.
A spokesman for the airline said the aim is “to complete the procedure, with any required assessment and authorization, by the end of the current IATA Summer Season at latest.”
The airline, founded in 1998, operates a fleet consisting of three Boeing 767-300ERs three Boeing 737-300s, one -400 and one -500 from bases at Rome Fiumicino and Milan Malpensa airports to a variety of leisure destinations in the Mediterranean, East Africa and the Caribbean.
(Alan Dron - ATWOnline News)