Pastor to Meet with Iberia Over Planned Cutbacks

November 12th, 2012

The Spanish Minister for Public Works, Ana Pastor, is to head a meeting at the Ministry on Tuesday with officials from Iberia, in order to “analyse the restructuring plan” announced by the company on Friday.

The Minister spoke to reporters after participating in a ceremony at the headquarters of Inditex, in the Coruña municipality of Arteixo, where she stressed the importance “that air transportation work well in Spain” as “the sector is one of the most important assets of the country as is tourism.”

International Airlines Group (IAG) last week announced to the National Securities Market Commission (CNMV), a restructuring plan “to save Iberia”, which includes reducing the workforce by 4,500 people, a 15% reduction in capacity and the suspension of unprofitable routes and frequencies, with the objective of improving their revenues by at least 600 million euros by 2015, and ensuring that the company returns to producing profits.

In this regard, Cinco Dias reported that the Minister emphasised that it is “very important” when implementing the plan that “there is dialogue, negotiation and understanding” between all parties involved and that they consider that the restructuring “must be comprehensive” and “not one-sided and affect only the people”. Pastor stressed that “the restructuring plans to be carried out must be comprehensive because only in this way will we be able to move the country forward”.

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