9/07/2008: Futura Int Airways Ceases Operations

DALLAS — Today, in 2008, Palma de Mallorca (PMI)-based Futura International Airways (FH) abruptly ceased operations with the loss of over 1,200 jobs.

Despite carrying 3.7 million passengers in 2007, the airline had accumulated debts of approximately €50 million. Despite attempting to restructure with a view to relaunching operations, the airline lost its Air Operators Certificate (AOC), which was revoked by the Spanish Aviation Authority.

Leasing company GE Commercial Aviation Services (GECAS) quickly terminated lease agreements for 15 aircraft due to non-timely payment of installments. At the time of its collapse, the airline operated a fleet consisting of two Boeing 737-300s, 11 737-400s, two 737-800s, and two 737-900ERs.

Formation

Initially known as CHIASA (Compania Hispano Irlandesa de Aviacion) and renamed before operations commenced, Futura was created in 1989.

The airline was a joint venture between Aer Lingus (EI), Air Belton, and Santander banking group. EI went on to sell its majority stake in 2002 and the remainder of its shares in October 2007.

Operations commenced on February 17, 1990, with a flight from PMI to Manchester (MAN). In May 2006 the carrier launched an all-cargo venture. Using two Boeing 737-300Fs, daily service was operated between mainland Spain and the Canary Islands.

Developments

Futur International then set up an Irish subsidiary in 2007, Futura Gael (F0). This allowed the airline to gain the necessary rights to operate charter flights from Ireland to destinations outside of the European Union.

In May 2008 FH also became the first European operator of the Boeing 737-900ER. This followed the arrival of two examples from GECAS.

During its history, FH developed a large charter and also a small scheduled network for tour operators and other airlines in Europe. It also offered wet-lease and ad-hoc charter contracts.