London (CNN Business) Air Italy has suspended operations after its owners decided to liquidate the company, leaving customers with flights booked after February 25 in the lurch.

Italy's second biggest airline after flag carrier Alitalia said Tuesday that the decision to wind up the company was made at a meeting of its shareholders. Alisarda, founded by the Aga Khan, controlled 51% of Air Italy, while Qatar Airways had a 49% stake in the company.

In a statement, Qatar indicated that it would have been ready to invest more in the airline.

"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," Qatar said in a statement.

It added: "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."