Air Nostrum (YW, Valencia Manises) CEO, Carlos Bertomeu, and two other external individual investors have taken control of the airline following a successful restructuring exercise. The Spanish regional carrier said in a statement that with an injection of EUR25.8million (USD35.2million) into the airline, Bertomeu had assumed control of the airline with a 54.41% stake followed by Antonio Pellicer and José Remohí who each now own a 15% shareholding. A group of company executives has also acquired a 6.25% stake with the rest of the shareholding split between the founders of the company, the Serratosa family, with 7%, and CEISS Bank with 2.04%.
Bertomeu's buy-in marks the conclusion of the airline's revitalization plan, launched in November 2012 and which has involved airline turnaround specialists, Seabury.
Among the measures undertaken include the phasing out of its Dash 8-300s in favour of larger ATR72-600s as well as the termination of various loss-making routes. Air Nostrum will focus on niche markets and Public Service Obligation (PSO) routes, while boosting national and international connectivity through Madrid Barajas, from where it operates Iberia Regional services in cooperation with Iberia (IB, Madrid Barajas).
In terms of its costs, the company reduced its workforce without the need for layoffs and reduced its unit cost through agreements with all groups allowing it to operate profitably under current market conditions.
Addressing the Spanish media during the announcement, Bertomeu said the exercise had now paved the way for the airline to move forward with the promise of better things to come in 2014.
"We are ready to start growing," he told the media adding that in his view, "the effectiveness of these measures taken are a healthy indication that the outcome of the company in 2014 will be close to break-even."
The company expects to return to profit in 2015, he said.
