So they are out of AirBerlin, Alitalia, and apparently sold their stake in Darwin to Adria Airways in Slovenia. That is the strangest move: Etihad Regional would have been able to function if they focused only on that airline in Europe. I do not see how Etihad is going to keep its alliance running. But the strategy was doomed to fail anyway, too much expansion in too-close markets: Alitalia, AirBerlin, Air Serbia, and Darwin/Etihad Regional are way too close geographically.