Spanish airlines in serious financial trouble
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Spanish airlines in serious financial trouble
I believe that Futura (and to a lesser degree Air Europa only slightly) are in dire straits. Futura has had several of its aircraft on operating lease from GECAS terminated with repossession due to begin early next week.
Sad all round as both are well established airlines with relatively good operations in albeit niche markets. This is the beginning of the end for a lot of similar airlines over the coming winter months.
Sad all round as both are well established airlines with relatively good operations in albeit niche markets. This is the beginning of the end for a lot of similar airlines over the coming winter months.
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Looks like it is true...
According to the Mallorquine newspaper Ultima Hora, Futura will stop operating as of midnight tonight.
Article in Spanish: http://www.ultimahora.es/segunda.dba?-1+7+446613
Real shame, flew with them a couple of times when they still did the scheduled run between Palma and Gatwick.
I wonder what is now going to happen to their Wet lease contracts, such as the 2 B737-900er it operates for ArkeFly. Could lead to difficulties for other airlines as well......
Article in Spanish: http://www.ultimahora.es/segunda.dba?-1+7+446613
Real shame, flew with them a couple of times when they still did the scheduled run between Palma and Gatwick.
I wonder what is now going to happen to their Wet lease contracts, such as the 2 B737-900er it operates for ArkeFly. Could lead to difficulties for other airlines as well......
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Futura Bust
It's looks inevitable that they are gone bust. A message from the CEO says that they will cease operations for 24 hours as demanded by Spanish CAA and they will inform staff etc and see if they can come up with a solution and a formal announcement will be made tomorrow!!!
Is there any hope for them???
Is there any hope for them???
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Just another article on it.
http://www.jetphotos.net/news/index....&c=1&tb=1&pb=1
Shame to see it go.
According to its website, they have 35 B737NG's.. unsure on how many are in operation, and which subsidiary they operate for. (ie: Gael, or the mainline)
http://www.jetphotos.net/news/index....&c=1&tb=1&pb=1
Shame to see it go.
According to its website, they have 35 B737NG's.. unsure on how many are in operation, and which subsidiary they operate for. (ie: Gael, or the mainline)
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Futura - 24hr hiatus, creditors meeting
Lagunair - 30% headcount reduction
Spanair - Havenīt been profitable (directly) in years.
Air Europe, Iberworld, Air Pullmantur - Airline arms of large hotel groups. The airline is not the core business.
Iberia - Suffering with poor in flight offering, rail competition and 1st quater loss.
LTE - No info but if anyone can survive its a flexible small company that makes the most of others demise.
Lagunair - 30% headcount reduction
Spanair - Havenīt been profitable (directly) in years.
Air Europe, Iberworld, Air Pullmantur - Airline arms of large hotel groups. The airline is not the core business.
Iberia - Suffering with poor in flight offering, rail competition and 1st quater loss.
LTE - No info but if anyone can survive its a flexible small company that makes the most of others demise.
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Futura had approached their creditors to ask for 2 month moratorium on payments until a new business plan could be finalised. All this sounds reasonable but the new business plan would include a moratorium of at least another 8 months. The lessors decided to remove the aircraft and place them elsewhere at better rents instead of taking such a large open position with Futura. Ultimately it was this decision allied to the large unpaid Eurocontrol fees that forced their hand.
Air Europa while not in a similar situation has agreed to return 2 x A330 and a few B737-800 to GECAS over the next month, unless they can restructure their current operations. As they are backed by Globalia the doomsday scenario is not likely but retrenchment is still on the cards.
Air Europa while not in a similar situation has agreed to return 2 x A330 and a few B737-800 to GECAS over the next month, unless they can restructure their current operations. As they are backed by Globalia the doomsday scenario is not likely but retrenchment is still on the cards.
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ManofMan - be careful with the Enron statement, that collapsed due to illegal practices of some people within the organisation and am sure Globalia should not be associated with this - even though i can see your point in saying just because its backed by a big group doesnt mean its safe from collapse.
Is it me or is there a lot of scaremongering in these posts - some of them seem to be painting the picture that most of spains civil aviation is on the verge of collapse - that sort of talk could ruin an airline if it got out into the wider world and people stopped booking for fears of lost money - and we know the press do use this forum to pick up bits of information!.
Is it me or is there a lot of scaremongering in these posts - some of them seem to be painting the picture that most of spains civil aviation is on the verge of collapse - that sort of talk could ruin an airline if it got out into the wider world and people stopped booking for fears of lost money - and we know the press do use this forum to pick up bits of information!.
Is it me or is there a lot of scaremongering in these posts - some of them seem to be painting the picture that most of spains civil aviation is on the verge of collapse
But I still feel/experience a kind of a (sorry) "south-european-attitude", NO, I am not offending anybody; I have good spanish friends/colleaques. But still....
In another thread I asked:
Some of you know how well some pilots are/were being paid in Futura the last years?
(i heard some figures......)
(i heard some figures......)
