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Air Nostrum reveals restructuring plan without layoffs

19-Nov-2012 1:01 PM

Air Nostrum revealed (16-Nov-2012) its restructuring plan in response to deteriorating economic conditions in Spain, rising costs and falling revenue. The plan does not involve layoffs, and instead calls for 25-50% "salary adjustments" for employees, pilots and managers aimed at saving EUR22 million, retiring unspecified aircraft "with higher costs per seat", the incorporation of more efficient unspecified aircraft, "alternative marketing rental services" and ending the carrier's charter fleet of vehicles for managers. CEO Carlos Bertomeu revealed average revenue per passenger fell 18% over the past four years. [more - original PR - Spanish]