LTE finally goes bankrupt
 

I wonder if there is someone with first-hand information regarding the whole story for the last couple of years...
Read somewhere that the Italian shareholders had a huge debt with the company that has caused the undergoing situation for the some 300 employees.
A close friend is quite familiar with the special procedures and views some of these "financial experts based in the north of Italy" did have as far as expenses are recorded, bank accounts are handled, contracts are accomplished and basic accounting principles are observed (more or less acting as a VOLARE copycat, nothing quite strange as they were the same guys that were involved in that scam, as anyone could read in the press).

wasn't LTE a spanish airline?

Had an spanish AOC but was owned by MyWay/MyAir or someone related in Italy.