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MyAir grounded and on the way to be insolvent

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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 of Vicenza.

"The 2008 budget of 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 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 Finanza.