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Air Italy Expands As UAE-Backed Alitalia Goes Bankrupt

Accepted submission by Arthur T Knackerbracket at 2018-02-20 07:57:26
Business

Story automatically generated by StoryBot Version 0.3.0a (Development).
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FeedSource: [AlJazeera] collected from rss-bot logs

Time: 2018-02-19 15:58:37 UTC

Original URL: http://www.aljazeera.com/news/2018/02/air-italy-expands-uae-backed-alitalia-bankrupts-180219134002547.html [aljazeera.com] using ISO-8859-1 encoding.

Title: Air Italy Expands As Uae-Backed Alitalia Goes Bankrupt

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Air Italy Expands As Uae-Backed Alitalia Goes Bankrupt

Arthur T Knackerbracket has found the following story [aljazeera.com]:

Italian airline carrier Meridiana changed its name to Air Italy with the backing of its new shareholder, Qatar Airways.

Air Italy was put under new ownership last year after Qatar Airways bought a 49 percent stake in AQA Holding, with the previous owner Alisarda retaining 51 percent.

It is now the country's second-largest airline behind Alitalia, which was mainly backed by Abu Dhabi-based Etihad Airways.

However, the carrier started bankruptcy proceedings last year for the second time in a decade, after saying it will no longer invest in the faltering airline.

Air Italy's new restructuring plan aims to make it Italy's "airline of reference", said Qatar Airways' CEO Akbar al-Baker.

Over the next three years, 20 Boeing 737 MAX aircraft will be added to Air Italy's fleet, the first of which arrives in April.

Qatar Airways will lease five of its Airbus A330-200 aircraft to Air Italy "at market prices", al-Baker said.


Original Submission