MADRID, Sept 8 Spanish charter airline Futura
International Airways suspended flights for a day on Monday as
it filed for administration, Spain's transport and
infrastructure ministry said.
The airline is due to resume flights on Tuesday after
explaining to staff its reasons for the move, the ministry said.
No one from the airline, or Hutton Collins, the UK private
equity firm which owns nearly half of Futura, was immediately
available for comment.
Palma, Mallorca-based Futura last month appointed
restructuring advisers Houlihan Lokey amid falling profits, a
source close to the situation told Reuters, adding that the firm
was not overly indebted.
The global airline industry is seeing profits squeezed by
higher oil prices, overcapacity and weakening demand. Futura
might also have felt the impact of a fall in the number of
British tourists visiting Spain this summer.
The airline has until Sept. 12 to outline its financial
situation, financial reorganisation and safety plan to the
transport ministry, which will then decide whether to pass,
suspend or revoke its flying licence.
According to its website, Futura is Europe's largest
independent medium-haul charter airline, flying a fleet of 38
(Reporting by Ben Harding; Editing by Quentin Bryar)