Manufacturing Industry
Italian airline Volare set to enter administration
Airline Industry Information, Nov 22, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Italian low cost airline Volare is set for administration after suspending all flights and ticket sales on 19 November 2004 according to the Italian Welfare Minister's office.
The Venice-based carrier has been struggling with debts and losses for some time and its future is set to be decided by the Italian government at its next cabinet meeting. Legislation allowing the airline to go into administration will probably be agreed according to a spokesperson for the Welfare Minister Robert Maroni.
Privately owned Volare will probably undergo the same procedures that were used to place Italian food company Parmalat in 2003 which will protect it from its creditors while administrators try to turn the company around, reports Reuters.
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