Here is another update in addition to ea-eu, I liked info on secured creditors...
who else is involved into the money pumping machine... the organizer has to be put into the Guiness Book. 
Ocean Airlines Sinks
Italian freight carrier Ocean Airlines, after months of trying to refinance its debt-ridden operation, has filed the Italian equivalent of bankruptcy, but it looks more like a fire sale.
"It sure sounds like a liquidation," said Terrence Haglund, an attorney with the Aviation Law Center, who says his client Phoenix Fuel hasn't been paid for more than $7 million in direct and indirect fuel costs.
"We'll file a proof of claim and wait to see how much money is available for the unsecured creditors," said Haglund, who said the airline's money was tied up in its two leased 747-200 freighters.
Phoenix is only one of several unsecured creditors, which include other fuel suppliers, an engine supplier, a ground services business and airports. The only secured creditors are Ocean's two banks Valsabbina and Landsbanki.
Haglund described Ocean's current situation as "peculiar because it is not even operating. Who are they paying," Haglund asked?
Attempts to reach Ocean's New York City-based attorney Andrew Ryan with Salisbury & Ryan and Ocean's top management in Italy were not successful.
Ocean Chief Executive Officer Rossano de Luca said in published reports the airline's problems were due to events beyond its control, such as skyrocketing fuel costs. The company's position over the last year kept changing. Months ago, Deluca told Air Cargo World "important talks with new investors," were continuing and "we expect to finalize [an agreement for new funding] in the next two weeks." A major, unnamed European fund was to have provided $50.8 million to resume flying, but those funds apparently never materialized.
Even as its debts mounted, Ocean put the best face on a bad situation. In February, the airline was talking about acquiring six more 747-200s.