Futura holds 10% of Air Dominicana........
Spain suspends Futura's operating licence
Graham Dunn, London (22Sep08, 17:55 GMT, 212 words)
Spanish aviation authorities have suspended the operating licence of collapsed charter carrier Futura, but have left the door to lifting the suspension if it can find an investor before the year end.
The carrier filed for insolvency proceedings and suspended flights on 8 September, as it sought breathing space from creditors to restructure its business and secure new investments.
Despite halting flights, Futura retained its operating licence but was required to submit a business plan and an update of its financial position to the Spanish CAA.
Today the Spanish CAA says that after evaluating the documentation, it has decided to suspend the carrier's operating licence "because data provided by the company concluded that its economic and financial situation does not allow it to meet its obligations and commitments".
But while suspending the operating licence, the CAA has said that if Futura can "within a reasonable time before 1 January 2009" provide evidence that it does meet again all conditions and requirements for an operating licence, the suspension could be lifted.
Futura has cited high fuel prices, over-capacity in the market, strong competition in the budget sector and the loss of a key charter contract as contributing to its problems. It has said securing new investment is key to any new feasibility plan.
Source: Air Transport Intelligence news
Spain suspends Futura's operating licence
Graham Dunn, London (22Sep08, 17:55 GMT, 212 words)
Spanish aviation authorities have suspended the operating licence of collapsed charter carrier Futura, but have left the door to lifting the suspension if it can find an investor before the year end.
The carrier filed for insolvency proceedings and suspended flights on 8 September, as it sought breathing space from creditors to restructure its business and secure new investments.
Despite halting flights, Futura retained its operating licence but was required to submit a business plan and an update of its financial position to the Spanish CAA.
Today the Spanish CAA says that after evaluating the documentation, it has decided to suspend the carrier's operating licence "because data provided by the company concluded that its economic and financial situation does not allow it to meet its obligations and commitments".
But while suspending the operating licence, the CAA has said that if Futura can "within a reasonable time before 1 January 2009" provide evidence that it does meet again all conditions and requirements for an operating licence, the suspension could be lifted.
Futura has cited high fuel prices, over-capacity in the market, strong competition in the budget sector and the loss of a key charter contract as contributing to its problems. It has said securing new investment is key to any new feasibility plan.
Source: Air Transport Intelligence news