Describing the current situation as "unsustainable," Iberia's board last week approved a strategic plan that includes creation of a new short/medium-haul carrier, long-haul expansion (mainly to/from Latin America.), an additional €37 million ($55.5 million) annual reduction in overhead costs over the next two years and a "radical" change of approach designed to generate more revenue. The strategy, called Plan 2012, will follow a 2009-11 initiative aimed at boosting operating profit by ...

Subscribe to Access this Entire Article

"Iberia to launch new feeder airline, cut more costs as it faces full-year loss" is part of ATW Plus, our online premium membership. Subscribing will provide you access to exclusive news, carefully researched airline financial, fleet and traffic data, plus the option to receive our popular, award-winning print magazine. To learn more, click here. If viewing via ATW Mobile, please login and click "Read web article" to view fully. Questions? ATWPlus@penton.com.