Thursday , October 21 2021

Turbulence in Flybondi | Julian Cook left the charge …



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Amid rumors of financial problems, the CEO of low-cost airline Flybondi, Julian Cook, has resigned. The manager will become the company's vice president and Andrés Vacarezzza, who was chief financial officer (CFO), was appointed to replace him. It is the second disappearance of the controversial company, which was news from the beginning due to the numerous technical problems that led to cancellations and delays in the service. The first victim was one of its founders, Richard Gluzman, a former associate of former deputy chief of staff, Mario Quintana.

The company was one of the most favored by the open skies policy promoted by the government, with the largest number of routes granted, despite the fact that at the time of the first public hearing to request destinations did not even have a plane. Last March, it began to fly with a certain regularity in the segment of low cost. The inaugural flight to Cordoba lasted only a few minutes, until the plane had to land due to technical problems.

The company receives from the state of Córdoba the benefit of paying half of the gross income tax for the aviation fee for a period of two years, while for the next three years the responsibility for payment will increase to 75%. The government of Juan Schiaretti paid 4000 pesos for the only time for each of the jobs that Flybondi activated in his province. It is direct and indirect subsidies that, when it comes to Aerolineas Argentinas, the government denounces an unfair situation in relation to other works.

Flybondi has 550 employees, including pilots, staff, maintenance technicians, mechanics, traffic agents and ramps. Despite the tax advantages, the company presents some financial problems before a hiring market (see separately). Speculation of financial problems is based on the departure of the US Cartesian capital fund, a key part of the capital contribution of the low-cost airline. In the Flybondi statement, the company says the changes are due to the fact that low cost will "focus on new business from a more global perspective and on the company's current business at the regional level."

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