With reference to the comments re the accident having a bearing on the ultimate demise of the company, does anyone know what the general load factors have been over the last few year? has the company been getting smaller or bigger etc? Ie if passenger numbers were in freefall since the accident, then that must be a factor. But I think it has little to do with that.
I would guess that the influx of airlines especially Ryanair at major cities like Barcelona and Madrid have challenged margins hugely. Spanair were often very extremely competitively price on domestic sectors inside Spain.
EI-BUD