November 22, 2001 at 5:36 pm
Another one goes out of business, but this time for other reasons.
As you know this is a Spanish charter airline operating a single B757-200 and waiting for a second one(leased from Arkia) and having flights from the Canary Islands to the UK mainly. The airline bellonged to a Spanish Libanese citizen and Russian stockholders. The Spanish police has discovered that the airline was a cover up for crime activities (mafia) including drug dealing, arms traffic and many nice other things. The plane remains impounded in Tel Aviv.