Air Madrid has always been a complete mess since it started. Being a frequent flyer, I learnt that almost 100% of their flights were delayed, some 12-20 or more hours. The plane`s condition (as per passengers view) was terrible and customer care inexistent.
In Argentina several knew that the airline had to close down, it could not operate like that. They were robbing people`s money.
I am glad that it closed down for the passengers and feel sorry for their employees, several of them had nervous breakdowns while having arguments with stranded passengers.