By November 2003, Gandalf Airlines had cut most of its routes due to financial difficulties. In February 2004 it filed for bankruptcy and suspended all operations. It was later reported that former CEO, Francesco Gaetano Intrieri, who held the position for five months[2], was accused of financial misconduct involving approximately €480,000,000 to pay personal debts[3]. In 2017, Intrieri conviction of fraudulent bankruptcy was confirmed by the Supreme Court of Cassation[4]. In April 2004 it was reported that Alitalia had acquired the bankrupt airline to gain additional slots at several European airports, mainly in Milan-Linate and Paris (Charles De Gaulle).
