Futura International Airways to suspend operations for 24 hours.

Futura International Airways would appear to be the latest casualty in the airline business. The Balaeric newspaper 'Ultima Hora' reported today that the airline had ceased operations due to current economic difficulties. Futura had intended to meet with their creditors but the Spanish Civil Aviation Authority stated that this action would force them to withdraw the airline's AOC. Faced with this prospect, Futura decided to suspend operations for 24 hours from midnight tonight Sunday September 7. Throughout today, aircraft were reportedly ferried to Palma de Mallorca to prevent them being impounded elsewhere. Futura International Airways was set up in 1989 by the combination of Aer Lingus, Belton Air and Banco Santander. Aer Lingus divested themselves of their remaining 20% interest in Futura in October 2007 as a result of a secondary management buyout at Futura and the decision at the time by Aer Lingus to concentrate on core activities. In January 2006, the subsidiary Futura Gael was set up with an Irish AOC as a vehicle to enable the airline serve charter desitinations outside the EU from Ireland. In April 2008 Futura Gael applied for a foreign air carrier permit to operate charters between Europe and the US. On June 17 the approval was granted. At this time it is not known which points the airline intended to serve. As of today Futura Gael operated two B737 aircraft B737-4YO EI-DOR, msn 24689 and B737-86N EI-DJU, msn 28619. In July 2006 the airline established a cargo subsidiary Flyant which operates 3 B737 aircraft out of Madrid Barajas. Hopefully, Futura which have been a major player in the Irish IT market for the past twenty years will weather the storm and reappear at the far end of what must surely be the darkest day in their history.