Air Nostrum Completes Restructuring

Valencia-based Air Nostrum expects to return to profit in 2015 after concluding a refinancing and restructuring. The regional carrier has also adopted fleet rationalisation and overcapacity management plans, offloading 50-seat aircraft and shifting from 72- to 80-seat models. It has also restructured its commercial network, abandoning loss-making routes in favour of niche markets, Public Service Obligation routes and national and international flight connections from Madrid. To support the new strategy, Air Nostrum has raised €26m of fresh capital comprised of equity and short- and long-term debt. According to the new shareholder structure, CEO Carlos Bertomeu takes control of the company with 54 per cent of shares, while his partners, Antonio Pellicer and Jose Remohi, hold 15 per cent each.

TAGS: Europe
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