Air Italy stops flying and goes into liquidation

Italy's second biggest carrier after Alitalia said Tuesday that the decision to wind up the company was made at a meeting of its shareholders. Alisarda, founded by the Aga Khan, controlled 51%, while Qatar Airways had a 49% stake in the company.

In a statement, Qatar indicated that it would have been ready to invest more in the airline.

"Even with the changing competitive environment and the increasingly difficult market conditions severely impacting the air transport industry, Qatar Airways has continually reaffirmed its commitment, as a minority shareholder, to continue investing in the company," Qatar said in a statement.

It added: "Qatar Airways was ready once again to play its part in supporting the growth of the airline, but this would only have been possible with the commitment of all shareholders."

Air Italy, previously known as Meridiana, said that flights from Tuesday through February 25 would be operated by other carriers. Flights booked after that point will be refunded.

The airline, which was based in Sardinia, operated flights throughout Italy and to long-haul destinations including New York, Miami and Los Angeles. It also offered direct flights from Italy to locations in Africa, including Cairo and Lagos.