Futura
Join Date: Mar 2006
Location: Festung Europa
Posts: 53
Likes: 0
Received 0 Likes
on
0 Posts
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 didn´t 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). I´m 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. Can´t accept that the business model didn´t 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.
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 didn´t 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). I´m 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. Can´t accept that the business model didn´t 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.
.
Join Date: Feb 2006
Location: Hells Kitchen
Posts: 4
Likes: 0
Received 0 Likes
on
0 Posts
From Original Posting "Spanish airlines in serious financial trouble"
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.
Join Date: Aug 2002
Location: europe
Posts: 168
Likes: 0
Received 0 Likes
on
0 Posts
update
good luck to all involved been there myself more than once
Irish regulator withdraws Futura Gael's AOC
Ireland's aviation authority has withdrawn Dublin-based charter carrier Futura Gael's air operator's certificate, while Spanish parent company Futura International Airways is declining to comment on the status of its remaining carriers.
Dublin-based Futura Gael operates charter flights to the Mediterranean, Eastern Europe and Egypt. According to Flight's ACAS database, the Irish carrier has a single Boeing 737-400 which is owned by Airplanes Group.
Futura Gael is said to have ceased trading overnight and a spokeswoman for the Irish Aviation Authority says: "Their air operator's certificate has been withdrawn."
A spokesman for Ireland's economic oversight body, the Commission for Aviation Regulation (CAR), says: "My understanding this morning is that [Futura Gael] has ceased trading while looking for an investor. They stopped flying at midnight."
The spokesman says Futura Gael is not obliged to notify CAR if it ceases trading and he was unable to give a definitive confirmation of the airline's status, but Futura Gael was "under watch" by the CAR, owing to concerns over its financial viability, and subject to regular regulatory review meetings.
A Dublin Airport Authority spokesman also says he understands that the carrier ceased trading at midnight.
A Futura International Airways spokeswoman declines to comment, saying only that a statement "regarding everything" will be released later today. The Spanish civil aviation administration could not immediately be contacted.
Palma de Mallorca-based Futura International Airways was founded in 1989 and is owned by Futura Global Aviation Holdings. Its fleet comprises 19 aircraft: 11 Boeing 737-800s, seven 737-400s and one 737-300. Flyant operates three aircraft, two Boeing 737-300SFs and a
Irish regulator withdraws Futura Gael's AOC
Ireland's aviation authority has withdrawn Dublin-based charter carrier Futura Gael's air operator's certificate, while Spanish parent company Futura International Airways is declining to comment on the status of its remaining carriers.
Dublin-based Futura Gael operates charter flights to the Mediterranean, Eastern Europe and Egypt. According to Flight's ACAS database, the Irish carrier has a single Boeing 737-400 which is owned by Airplanes Group.
Futura Gael is said to have ceased trading overnight and a spokeswoman for the Irish Aviation Authority says: "Their air operator's certificate has been withdrawn."
A spokesman for Ireland's economic oversight body, the Commission for Aviation Regulation (CAR), says: "My understanding this morning is that [Futura Gael] has ceased trading while looking for an investor. They stopped flying at midnight."
The spokesman says Futura Gael is not obliged to notify CAR if it ceases trading and he was unable to give a definitive confirmation of the airline's status, but Futura Gael was "under watch" by the CAR, owing to concerns over its financial viability, and subject to regular regulatory review meetings.
A Dublin Airport Authority spokesman also says he understands that the carrier ceased trading at midnight.
A Futura International Airways spokeswoman declines to comment, saying only that a statement "regarding everything" will be released later today. The Spanish civil aviation administration could not immediately be contacted.
Palma de Mallorca-based Futura International Airways was founded in 1989 and is owned by Futura Global Aviation Holdings. Its fleet comprises 19 aircraft: 11 Boeing 737-800s, seven 737-400s and one 737-300. Flyant operates three aircraft, two Boeing 737-300SFs and a
Join Date: May 2005
Location: uk
Posts: 573
Likes: 0
Received 0 Likes
on
0 Posts
FUTURA Not closing down
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.
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.
Join Date: Nov 2002
Location: Abbotsinch,Scotland
Posts: 219
Likes: 0
Received 0 Likes
on
0 Posts
This from the Spanish Press
Palma, Sept. 8 (EFE) .- The president of the charter airline Futura, Roman Pané, has advanced the feasibility of the plan will lead the company to cut half its workforce-about 600 of its 1,211 employees, and reduction "drastic" of its fleet of high season, from 22 aircraft to 12 or 13 aircraft.
Pané has offered a press conference in which he explained that the presentation today of a contest voluntary creditors and the critical economic situation of the company should be so crucial to the "bestial and" speculative "rise in oil prices.
Tomorrow, Tuesday, as insured, Futura will progressively resume the activity of its flights, and on Friday before Civil Aviation must submit a plan for viability, which wants to agree with unions.
After meeting this morning for about three hours, the management and employee representatives, PAN has appeared before the media.
As explained above, cutting the workforce does not have much to do with the situation of the company with how the situation facing the aviation sector, which must make a "major effort to adapt to an environment that will never be what it was in the past. "
The airline has been in the past eighteen years, recalled, a "reference" for the sector in management, profitability and safety of their flights, but "unfortunately" the company is experiencing today by economic problems caused by a "plenty of reasons", as the drop in demand and, most importantly, for both crude.
Payment of the oil that has faced Futura in July and August "has destroyed" the results of summer the company, whose principal activity is recorded in the summer months.
During the winter, Future plans to maintain 5 flights, but is forced to reduce its fleet during the high season, has been clarified.
The viability plan, as has commented Pané, supposed to reach agreement with staff of the company and creditors, and "perhaps" alienate any of the assets of the company.
The "reason" in which the direction of Future yesterday decided to discontinue its aerial activity for 24 hours was "planning for how the operation should be done when it comes to air traffic", has maintained the president.
"Yesterday we were scared, but today at least we have an illusion as a company and fight for it," he asserted Pané, who has been clarified that the 1,211 employees, 800 are fixed and about 600 work in Spain.
In addition to the decrease in staffing, has realized the president, should also be a "major effort" in terms of salaries of workers and "achieve imaginative ways to make the enterprise viable" as they agree that both address as employees, as he said.
Pané has not quantified the debt of Futura, but it has realized that the cancellation of the company's operations for 24 hours has affected some 8,000 passengers.
Moreover, the works council of the airline acknowledged that the situation of the company will mean cutting its workforce.
This is explained by the works council member Alejandro Juarez (CCO), has said that trade unions aspire to "preserve" jobs and the continuity of the company.
The leader of CCO has pointed out that unions are "very critical" with the decision "unilateral" of the company today paralyze the airline business for 24 hours.
The template Future "it feels like a huge nerves," he acknowledged Juarez, who has announced that unions will "pose anything to keep jobs."
--------------------------------------------------------------------------------
Palma, Sept. 8 (EFE) .- The president of the charter airline Futura, Roman Pané, has advanced the feasibility of the plan will lead the company to cut half its workforce-about 600 of its 1,211 employees, and reduction "drastic" of its fleet of high season, from 22 aircraft to 12 or 13 aircraft.
Pané has offered a press conference in which he explained that the presentation today of a contest voluntary creditors and the critical economic situation of the company should be so crucial to the "bestial and" speculative "rise in oil prices.
Tomorrow, Tuesday, as insured, Futura will progressively resume the activity of its flights, and on Friday before Civil Aviation must submit a plan for viability, which wants to agree with unions.
After meeting this morning for about three hours, the management and employee representatives, PAN has appeared before the media.
As explained above, cutting the workforce does not have much to do with the situation of the company with how the situation facing the aviation sector, which must make a "major effort to adapt to an environment that will never be what it was in the past. "
The airline has been in the past eighteen years, recalled, a "reference" for the sector in management, profitability and safety of their flights, but "unfortunately" the company is experiencing today by economic problems caused by a "plenty of reasons", as the drop in demand and, most importantly, for both crude.
Payment of the oil that has faced Futura in July and August "has destroyed" the results of summer the company, whose principal activity is recorded in the summer months.
During the winter, Future plans to maintain 5 flights, but is forced to reduce its fleet during the high season, has been clarified.
The viability plan, as has commented Pané, supposed to reach agreement with staff of the company and creditors, and "perhaps" alienate any of the assets of the company.
The "reason" in which the direction of Future yesterday decided to discontinue its aerial activity for 24 hours was "planning for how the operation should be done when it comes to air traffic", has maintained the president.
"Yesterday we were scared, but today at least we have an illusion as a company and fight for it," he asserted Pané, who has been clarified that the 1,211 employees, 800 are fixed and about 600 work in Spain.
In addition to the decrease in staffing, has realized the president, should also be a "major effort" in terms of salaries of workers and "achieve imaginative ways to make the enterprise viable" as they agree that both address as employees, as he said.
Pané has not quantified the debt of Futura, but it has realized that the cancellation of the company's operations for 24 hours has affected some 8,000 passengers.
Moreover, the works council of the airline acknowledged that the situation of the company will mean cutting its workforce.
This is explained by the works council member Alejandro Juarez (CCO), has said that trade unions aspire to "preserve" jobs and the continuity of the company.
The leader of CCO has pointed out that unions are "very critical" with the decision "unilateral" of the company today paralyze the airline business for 24 hours.
The template Future "it feels like a huge nerves," he acknowledged Juarez, who has announced that unions will "pose anything to keep jobs."
--------------------------------------------------------------------------------
Join Date: Jan 2008
Location: London
Age: 68
Posts: 1,269
Likes: 0
Received 0 Likes
on
0 Posts
Eagle21
Guess the point is that if some staff were being paid over market rates it makes for bad business and is a short term gain only for those receiving the brown envelopes.... to the detriment of all others
Join Date: May 2006
Location: LHR ( EGLL )
Age: 57
Posts: 48
Likes: 0
Received 0 Likes
on
0 Posts
Now that is definitely a rumour, but please let’s not take it too far. We could all end up in a similar boat with the future uncertain for all.
Thoughts for all at the company, here’s hoping.
Jox
Thoughts for all at the company, here’s hoping.
Jox
Join Date: Jan 2008
Location: London
Age: 68
Posts: 1,269
Likes: 0
Received 0 Likes
on
0 Posts
Testpanel
Welcome!
The reason i clarified is that the industry seems to suffer in some circles from an illness: Pedantics
And that makes for lousy pilots (CRM)
I d love some of the PPRuNe posters to get off their high horses
Be good!
The reason i clarified is that the industry seems to suffer in some circles from an illness: Pedantics
And that makes for lousy pilots (CRM)
I d love some of the PPRuNe posters to get off their high horses
Be good!
Join Date: Apr 2005
Location: Dublin
Posts: 12
Likes: 0
Received 0 Likes
on
0 Posts
fua gone
Futura will not operate tomorrow or ever again. Meeting in PMI today and I was speaking with someone who is that meeting and they are not going to operate ever again. What a pity , because lovely crews and fleet. Its just bad manaagement that finished them....not the oil crises. most of their work is sub charter so they dont have to pay for the oil....
1200 people have lost their jobs in spain and 90 in ireland.....i hope all will be able to find somthing soon
1200 people have lost their jobs in spain and 90 in ireland.....i hope all will be able to find somthing soon