MyAir grounded and on the way to be insolvent
According to the press agency news launched yesterday, no frills carrier MyAir which Enac yesterday
have got suspended the license to fly and shortly is in a state of insolvency, after the
2008 budget shows a negative economic result of more than 100 million
euros, and the Prosecutor of Vicenza is set to submit an application
for bankruptcy of the company.
He said today the Guardia di Finanza, after a series of
investigations conducted as part of an investigation by the judiciary
"The 2008 budget of Myair.com S.A., approved by the shareholders on
June 15 without the assessment of reliability by the auditing firm Ria
& Partners and the positive opinion of the supervisory board, even
communicates a loss of about 30 million, should highlight, in fact, a
negative economic result of more than 100 million euros, "reads a note
from the provincial Guardia di Finanza command in Vicenza.
In the first half of this year, the company recorded a loss of
nearly 17.6 million euros compared with a budget forecast that an
estimated loss of 5.3 million.
"Given this situation we have been active for 10 million euros,"
he told Reuters by telephone to the Guardia Di Finanza Major Paul Borrelli, who
has followed the operation.
Italian Civil Aviation Authority (Enac) yesterday issued an
emergency decree that the company withdraw the temporary license to
operate air transport of passengers and cargo that was released last
June 25 "on hold announced the financial restructuring. "
The investigations made by Guardia Di Finanza against group companies Flyholding,
of which the Myair.com part, analysis of budgets and accounts of Vicenza based group
of companies and several witnesses have allowed the courts to
report the framework of insolvency " , continues the note from the
Guardia di Finanza.
The company, which has about 320 employees, has so far operated on
15 domestic destinations and as many in the rest of Europe with a small
fleet of seven aircraft - none of which are owned - with main bases at
Bergamo, Venice and Bari
The GdF added that he observed an "excessive use of commercial
practices of overbooking" - by selling tickets far beyond their
capacity, which has resulted in recent weeks delays and cancellations
at many airports.
The Prosecutor's Office is going to present to the Court of
Vicenza the instance of failure of the company, subject to the
examination of the situation on the criminal, as he told the Guardia di