Today's announcement's that Alitalia has agreed in principle to take a 49 per cent stake in Air Malta marks a milestone in the quest by Malta's national carrier to remain solvent.
The airline was profitable for many years but gradually fell into a spiral of debt as the growth of budget airlines, rising oil prices and poor management decisions bit into its bottom line. These are some of its key events over the past 15 years.
October 2003 - The government announces it is to sell Air Malta's 49 per cent stake in troubled subsidiary Azzurra Air. The subsidiary had lost almost Lm9 million (€21 million) the previous year.
March 2004 – One month before Malta joins the EU, the government transfers land worth €57 million to the airline to boost its capital.
November 2010 - Parliament approves a €52 million emergency loan to Air Malta to save it from "short-term liquidity problems", after losses piled up to more than its annual wage bill. Documents suggest the airline had been in the red since at least 2003.
April 2011 - Peter Davis is appointed CEO of Air Malta on a salary close to €500,000 a year.
June 2012 - A €130 million State Aid package is given the green light by the European Commission, on the condition that Air Malta is significantly restructured and sticks to profitability targets.
October 2012 - Air Malta announces a slim €400,000 profit - its first since 2008.
January 2014 - Peter Davis is replaced by Louis Giordmaina as CEO. Mr Giordmaina resigns eight months later, citing "personal reasons".
June 2014 - Etihad announces it is to buy a 49 per cent stake in struggling Italian carrier Alitalia - the maximum it is allowed according to EU rules.
October 2014 - Air Malta says that it has halved its losses to €16 million from €32 million in 2013. Its original target had been to be profitable by the end of 2014.
July 2015 – Tourism Minister Edward Zammit-Lewis says talks to find a strategic partner for Air Malta have reached a “critical stage”.
October 2015 – Air Malta announces a further €16 million loss for the 2015 financial year. Chairperson Maria Micallef tells Times of Malta that the airline “will be able to stand on its own financial feet from March” 2016.
20 April 2016 - Times of Malta reports that a deal between Air Malta and Etihad has been reached.
27 April 2016 – The government announces that Alitalia, which is 49 per cent owned by Etihad, has signed a memorandum of understanding to buy 49 per cent of Air Malta for an undisclosed amount.