Air Italy went out of business and will be placed into liquidation by shareholders. Passengers booked on flights after Feb. 25 received refunds or could be booked on alternative flights.

The airline gave few other details about the decision.

Qatar Airways took a 49 percent stake in Air Italy in September 2017, when the carrier was called Meridiana. Then, the airline announced a rebrand and expansion plans, but business was never smooth after, with new routes announced and then withdrawn.

Fifty-one percent of the airline is owned by Alisarda Spa, a holding company owned by the Aga Khan. Italian newspaper Il Messaggero reported Aga Khan, who founded Meridiana in 1963, does not want to provide additional funding.

Air Italy posted losses totaling around €200 million in 2019, according to Bloomberg.

Last month’s full statement from the airline reads:

“Since the acquisition on September 28, 2017 of a minority stake in Air Italy, Qatar Airways has strongly believed in the company and in its potential, supporting management’s proposed business plan with a view to improving Air Italy’s growth and job creation, with the addition of long-haul routes and numerous in-flight service improvements, in line with Qatar Airways’ globally renowned high standards.

“Despite our minority shareholder’s role, Qatar Airways has continuously provided all possible support to Air Italy right from the beginning, from releasing aircraft from our fleet and ordering new aircraft for Air Italy, to backing management choices and injecting capital and investment as required and permitted.

“Even with the changing competitive environment and the increasingly difficult market conditions severely impacting the air transport industry, Qatar Airways has continually reaffirmed its commitment, as a minority shareholder, to continue investing in the company to create value for Italy and the travelling public and to provide support for Air Italy and its staff, because for Qatar Airways the focus on employees is a core priority in its strive for excellence – in addition to supporting local communities and other stakeholders.

“For this reason, Qatar Airways was ready once again to play its part in supporting the growth of the airline, but this would only have been possible with the commitment of all shareholders.”