LTE International suspends flights due to serious financial difficulties

The turmoil continues in the airline industry after Spanish-based airline, LTE International, has suspended all operations.

The airline, which is based in Majorca, ceased taking books late on Thursday and said due to the financial situation of the company, it is difficult to meet the operational expenses. The company added that due to recent world events, it just was not possible to avoid this situation.

The company, which has been operating since the late 1980s, said the suspension of flights has led to thousands of passengers stranded in Alicante, Palma and Barcelona.

LTE is the fourth Spanish airline to cease flying over the last few weeks and joins the list of several others who have ceased trading due to the economic downturn and soaring fuel costs.

Last month, XL Airways, the UK’s third-largest tour operator, ground 21 planes which resulted in 85,000 people stranded overseas. Other airlines that have gone out of business this year include ATA Airlines, Aloha Airgroup, EOS, Maxjet, Oasis, Silverjet and Skybus Airlines.

Meanwhile, major players in the industry such as British Airways, saw its profits plummet by 90% in the three months to August, while Alitalia had to be saved by an Italian consortium.

LTE has issued a statement saying that it was doing all it could to minimise the impact of this suspension of services on its customers.

Meanwhile, the Spanish Civil Aviation Authority is considering whether to suspend LTE’s operating licence.

The carrier, which operates flights between Spain and Britain, as well as Italy and the Middle East, has a workforce of 300 and a fleet of seven Airbus 320s.

Story link: LTE International suspends flights due to serious financial difficulties