Transportation Industry
Airline Finance News - Europe
AirGuide Business, July 21, 2008
Spanair
Spanair yesterday unveiled a "feasibility plan" designed to negotiate the "economic crisis" and rising fuel prices that will generate an estimated EUR90 million ($143.4 million). It will ground 15 aircraft in September and October, lay off 900 fulltime employees and permanently cancel service from Madrid to Vienna, Munich, Girona, San Sebastian, Granada and Oviedo as well as Barcelona-Zurich, Bilbao-Malaga and Bilbao-Jerez. It still will operate more than 80% of its network, equal to 260 daily flights to 48 destinations. "I am proud to see that in this challenging environment Spanair can lead the process to normalize capacity in the Spanish market," CEO Marcus Hedblom said. SAS Group last month abandoned its effort to divest Spanair. 7/17/2008
TAP Portugal
TAP Portugal will reduce capacity by approximately 40 flights per week during the coming winter season, CEO Fernando Pinto confirmed last week. Reductions will be a mix of intercontinental and European frequencies and no destinations or aircraft are expected to be cut. 7/17/2008
ZZ
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