Germán Efromovich, who today controls Aeroitalia, would have proposed to businessman William Shaw to stay with Ultra Air, which recently suspended operations

Ultra-low-cost airline is experiencing economic difficulties and is the second in the South American country to suspend flights

After fierce competition, airline acquisitions in Colombia are headed for failure

Low cost airline debuted just a year ago and may be sold by April

The airline carried out its inaugural flight last week and aims to reach 40 Airbus A320 jets in fleet in the coming years