Type
Bankruptcy
Country
Spain
Region
Comunidad de Madrid;
Location of affected unit(s)
Spain
Sector
Transportation / Storage
Land, Water And Air Transportation
Air Transport
51 - Air transport

1,100 jobs
Number of planned job losses
Job loss
Announcement Date
15 December 2006
Employment effect (start)
Foreseen end date

Description

Air Madrid, the air carrier, was declared bankrupt on 15 december 2006 and announced that 1,100 employees will lose their job. This case is currently being dealt with by the Commercial Court and a call for tender has been made to investors. More information should be available at a later stage on whether the new investors will keep on Air Madrid's staff.


Sources

  • 12 January 2007: Cinco Días

Citation

Eurofound (2006), Air Madrid, Bankruptcy in Spain, factsheet number 64748, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64748.