Apologies for waking up a very old thread...
In 2012 and again in 2014, Bue Panorama entered 'extraordinary administration' - essentially the Italian equivalent of a Chapter 11 style bankruptcy. From reading around the web, it seemed that the Italian Govt stepped in sometime in late 2014 or early 2015 and is seeking a buyer for the company.
I know Blue Panorama continue to fly, but are they still under this bankruptcy protection ? If they're still in 'extraordinary administration', how come they are managing to get away with it for so long without ENAC, the Italian civil aviation regulatory body, asserting themselves ?