Futura has been in a bad way for a while.
Their business model has recently been to fly for others either on a charter or wet lease basis. Great in an expanding market... not the most suitable model for a contracting one as its normally the sub contracts that are 1st out the door.
As far as I know last week saw internal negotiations with staff to reduce all salaries to 1000 a month for 6 mths. Naturally this didnīt cover the basic living costs of most staff and a strike was voted through. The strike never went ahead as I believe the directors made the full financial position known to staff. Staff have a none too shabby shareholding in the company.
Yesterday saw a petition to the Transport minister for a 24hr grace period to conclude a creditors meeting and to see if the company can achieve sufficient backing from exisiting shareholders and creditors to continue. I am led to understand the grace period has been granted. (Incidently this is the same minister who knows next to naff all about aviation in Spain and has tried to treat the Spanair accident as a political football). Iīm also led to believe that the debts are numerous and large although not insumountable. Thing being it will require someone to invest substantial sums to turn the business around and who wants to invest in aviation at this moment in time?
As for acusations of corruption... This is Spain and there are always accusations of corruption everytime something goes wrong. Canīt accept that the business model didnīt work instead preferring to find someone to blame.
Finally, condolences and simpathies for all in Futura
On another note also announced today was a 30% downsizing in staff from Spanish regional carrier Lagunair.