SPANAIR: VOLUNTARY INSOLVENCY PROCEEDINGS VS COMPULSORY INSOLVENCY PROCEEDINGS
I. Introduction On Friday January 27th the airline Spanair announced the cancellation of all flights and expressed its intention to apply for voluntary insolvency proceedings on Monday January 30th. After initial uncertainty, SEPLA (the Spanish Union of Airline Pilots) announced that it would file for compulsory insolvency proceedings in an attempt to get a step ahead of the management of…