Crisis Report - 20-Oct-08

Spain in a tailspin

LTE International Airlines has become the fourth Spanish airline to cease operations in recent weeks, following the discontinuation of services by Futura, Lagunair and Flysur. LTE announced that it has suspended its charter and scheduled operations due to the “financial situation of the company”. Airports in Majorca, Tenerife, Barcelona, Malaga and Alicante are directly affected by the latest Spanish victim of the European downturn. Dozens more airline bankruptcies are expected in Europe this Winter.

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