Futura not closing down
From el.mundo.es
http://www.elmundo.es/elmundo/2008/0...220866810.html
Airline will continue to operate with half the fleet, and staff...
Flights restarting tomorrow apparently, 8000 affected pax relocated on other flights
I am afraid I can't find a translation, so I will use online translator:
/displays the contest of creditors to the judge and will reduce its group to half The company presents/displays the suspension of payments in the Court of Mercantile nº1 Of 22 airplanes with which it operates at the moment in summer, it will remain with between 12 and 14 Seguran that the price of petroleum is ' to them; destroyed the forecasts of Future it presentsingresos' An airplane of the company in the airport of Palma de Mallorca. Updated 08/09/2008 Mondays 14:27 (CET) EDUARDO COLOM PALM. - Airline Future has presented/displayed contest of creditors - old suspension of payments before Court of Mercantile nº1 of Palma de Mallorca, that will have to decide if it admits to proceeding this request, according to confirm sources of the Court Superior of Justice. This situation must to the crisis that crosses the company by the ascent of the price of petroleum, among others causes. Another one of the measures that it anticipates to carry out the company is to reduce to its group and its fleet to half, according to the own company. Of 22 airplanes with which it operates at the moment in summer, Future it will remain with between 12 and 14. Which, they admit, could suppose the reduction of half of the group. The fundamental cause is that " it has increased the debt of the airline due to the incremeto of the price of petróleo" , circumstance that " it has destroyed the forecasts to them of income in verano". The airline has predicted to resume the flights tomorrow and argues that the unique reason by they have stopped which them has been for " to reorganize its fleet facing the presentation of concurso". Altogether, parón has affected about 8,000 passengers, who already are relocated in other flights. The company asked for yesterday to Civil Aviation the temporary cease of its activity and the dependent department of the Ministry of Public Works and the Economy has given today authorization it retakes so that it, have indicated the same sources. ' It has pillaged to us by sorpresa' The member of the committee of company Alexander Juárez, CCOO, has indicated to the journalists to the doors of soothes of the company, where a meeting between the Future direction of and the workers is being held, of which the employees will have to return to their jobs and now to retake with normality their activity. " It has pillaged to us to all by sorpresa" , Juárez in relation to the temporary paralyzation of the activity and the request on the part of the company of the old figure of the suspension of payments has explained to do against its bad economic situation. Juárez is addition that the company has communicated them that has received the authorization of Civil Aviation to retake its activity, which are prepared to reinitiate " of form inmediata". The CCOO representative has said not to understand why the activity became paralyzed yesterday and has denounced " great opacidad" of the direction of the company, which would have, in his opinion, to have one " position clara" in order to explain what it is happening. Juárez has been also " very crítico" by " decision unilaterally to stop the activity of empresa" , adducing one it causes stranger for the workers. " A financial reason would not have to disable actividad" , it has indicated the CCOO representative, that is addition that it " it has neither feet nor cabeza". The unionist also has argued who the company can present/display a contest of creditors and continue its commercial activity with normality. He has explained thus it to Juárez journalists after the meeting who have maintained. Proposal to the workers This news takes place 10 days after the direction of the airline presented/displayed to the unions a plan of business for 2009. Between the activities contemplated in this plan, the company anticipates to realise temporary suspensions in its operations, that would affect to near 130 workers, according to the data that the president of the company committee facilitated, Julian Potter, the past 28 of August. Future it emitted an official notice that same day, warning that the objective of the company is " to align the interests of the shareholders and the workers of the Futura" Group;. The company made a proposal to the workers to reduce of drastic way the wage to them, in exchange for advantages with action of the group. This newspaper tried to contact, without success, with its president, Roman Pané. The workers of the airline met last night in soothes of the company, in Palma de Mallorca, after he knew himself that Future he will cancel all the flights anticipated for today, according to confirmed to this newspaper the services of the company in the airport Are Sant Joan. Future International Airways was founded, in 1989, by the Irish Aer Lingus. The Future Group account with a fleet of 38 airplanes, the family Boeing 737. The last year, transported 3.7 million passengers and had consolidated data of invoicing of 330.9 million Euros. The shareholders of the company distribute between the managers and employees (a 53.5%) and the British investment fund Hutton Collins (a 46.5%). The directive equipment and this company/signature took control of the capital of the company in October of 2007, after the decision of Capital Corpfin and Aer Lingus to sell their participation. The operation was led by the present advisor delegated of Future, Roman Pané. The own bottoms of Future were valued in 70 million Euros. Before this crossing took place, the shareholder structure of the company was formed by the bottom of Capital Corpfin risk capital, like majority partner, with a 67%; Aer Lingus, founding company of the airline, that stayed like financial investor with a 20%; and the directive equipment and employees, with a 13%. The entrance of Hutton Collins allowed the directive equipment to increase its participation until reaching the majority. Future independent charter of Europe is considered like the more powerful company. At present, it has diversified his activity with complementary businesses.