Air Italy is reportedly to be merged into Meridiana Fly from 15-Feb-2013, according to reports by Avio Italia, AGI, and TTG Italia. As previously reported by CAPA, both airlines’ Air Operator’s Certificates (AOC) were revoked by the Italian Civil Aviation Authority (ENAC) and issued temporary AOCs which will expire in 12 months. The AOC change is due to the airlines’ financial difficulties. Meridiana Fly CEO Giuseppe Gentile is reportedly to be replaced by Roberto Scaramella following a proposal by Meridiana Fly founder and minority shareholder Aga Khan. The existing Meridiana Fly investors will acquire the 38.71% stake in Meridiana Fly and Air Italy currently owned by Air Italy Holding.
Air Italy to be merged into Meridiana Fly from 15-Feb-2013: reports
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It has been a long path, and the end has not been reached, but the 2013 results suggest that the restructuring of Iberia may now be having a beneficial impact on its financial performance. Moreover, recent productivity agreements with unions give some reassurance that industrial relations are also on an upward path. Sustainable levels of profitability are far from assured, but, with a return to profit slated for Iberia in 2014, they can at least now be contemplated.