Air Italy (Milan Malpensa) has ceased all operations as of Tuesday, February 11, after its shareholders, Alisarda Group (owned by the Aga Khan Fund for Economic Development (AKFED)) and Qatar Airways Group, which own the carrier's parent firm AQA Holding in a 51/49 partnership, elected to liquidate the loss-making carrier.

The airline said in a statement that from February 11 to 25 (including departures on the morning of February 26, 2020, for domestic flights to Milan Malpensa and from Malé and Dakar Blaise Diagne International airports), all of its flights would be operated by other carriers at the times and on the days previously scheduled. However, those passengers who booked flights, outward or return, after February 25, 2020, will be re-booked or reimbursed.

Formerly Meridiana fly (Olbia), Air Italy has struggled to gain traction despite Qatar Airways' accession to its shareholding in 2018. In 2019, Italian media said it had lost nearly EUR200 million euros (USD218 million) alone. Unable to secure renewed funding, and with Qatar Airways unable to increase its ownership beyond the 49% cap, Air Italy's shareholders chose to liquidate it during a preponed AGM on Tuesday, February 11.

Enrico Laghi and Franco Lagro have been appointed liquidators and will announce a timeline of events shortly.

According to the ch-aviation fleets advanced module, Air Italy operated four A330-200s, one B737-700, three B737-8s (grounded with a further four awaiting delivery), and three B737-800s. It also wet-leased two A320-200s and two E190s from Bulgaria Air (FB, Sofia), as well as two B737-300s from Tayaranjet (TJB, Sofia).