The Madrid-based carrier has notified a court that it is entering restructuring as it prepares a workforce reduction. It has suspended Buenos Aires and Lima services while retaining routes to Caracas from Madrid and Tenerife.
Plus Ultra has repaid none of the €53 million in public loans it received in 2021, as it seeks to restructure its finances and operations. ABC reported that the airline had filed a pre-insolvency communication with a Madrid court, giving it time to begin negotiations with creditors. The pre-insolvency mechanism, known in Spain as a preconcurso, provides a…