Vicious business? Go back over the years of posts on this airline and you will see the many warning posts about the quality of management and the dubiousness of its owners. Staff working for such employers agreed to take the risks of associating with such people.
Volare collapses with huge debts, so lots of cash to pay back wages and forward ticket sales? Somehow I doubt it.
Another name joins the list of corporate scams in Italy. At this rate, people might think that there are no corporate regulators there.
Mind you at least Al Italia is now safe since there is now no replacement for it.
Pug
Associated Press
Indebted Volare Group Grounds Its Flights
11.19.2004, 02:11 PM
Italian low-cost carrier Volare Group, suffering from financial troubles, grounded its flights and suspended ticket sales on Friday, the company said.
The company posted a message on its Web site,
www.volareweb.com, informing customers that as of Friday "all flights are canceled and sales suspended." It offered no further details. However, the company reportedly has financial debts estimated around euro250 million (US$326 million).
Volare Group is a holding company that includes both Volare Airlines SpA, which operates in Italy and Europe, and AirEurope SpA, which runs charter flights. Both companies were affected by the freeze.
In a statement, civil aviation body ENAC indicated it would make sure passengers would be reimbursed for canceled flights.
The group employs 1,400 people. Italy's Welfare Minister Roberto Maroni was expected to meet with unions on Saturday to discuss the crisis, the ANSA news agency said.