Grupo Marsans
| Company type | Private |
|---|---|
| Industry | Tourism, Airlines |
| Founded | 1910 |
| Founder | Rafael Almeida, Armando Marsans |
| Defunct | 2010 |
| Fate | Acquired by Posibilitum Business |
| Headquarters | Madrid , Spain |
Area served | Spain, France, Italy, Brazil, Mexico, Venezuela, Argentina, Latin America |
Key people | Gonzalo Pascual, Gerardo Díaz Ferrán |
| Products | Air travel, Tourism services |
| Parent | Autobuses Urbanos del Sur, S.A. |
Grupo Marsans was a privately held Spanish consortium mainly engaged in tourism operations. Its activities spanned Spain, France, Italy, Brazil, Mexico, Venezuela, and Argentina, with additional representation across Latin America. The group functioned as a subsidiary of Autobuses Urbanos del Sur, S.A., based in Madrid, Spain.
The consortium controlled the airlines Air Comet and the charter carrier AirPlus, while also maintaining an equity interest in Spanair alongside SAS.
History
Established in 1910 by Rafael Almeida and Armando Marsans, the company derived its name from its founders. Grupo Marsans underwent privatization in 1985 when it was acquired by the Trapsa holding company, led by Gonzalo Pascual and Gerardo Díaz Ferrán, having previously belonged to the Spanish state-owned consortium INI.
Towards the end of 2006, Grupo Marsans placed an order with Airbus for 12 Airbus A330-200 aircraft plus ten options, a transaction valued at billion euros, following a memorandum of understanding signed earlier that year at the Farnborough Airshow. The initial A330-200 was integrated into Air Comet’s fleet in August 2008. In October 2007, the group signed another MoU with Airbus for an additional 61 planes. By November 2007, confirmed orders included five more A330-200s, 12 Airbus A319s, 25 Airbus A320s, five Airbus A321s, ten Airbus A350-900s, and four Airbus A380s. In December 2007, Grupo Marsans submitted a bid for a minority stake in Spanair but retracted it in February 2008 after SAS disclosed the offer publicly.
Financial difficulties and downfall
The downturn of Grupo Marsans was largely due to financial challenges arising from poor management of its airline acquisitions, culminating in a debt burden of €320 million. In April 2010, the group's license to sell air tickets was revoked by the International Air Transport Association, coinciding with a Spanish court declaring Air Comet insolvent. By June 2010, Grupo Marsans was acquired by Posibilitum Business for million euros (€600 million), with roughly half of this amount representing outstanding liabilities.
Aerolíneas Argentinas
In , Grupo Marsans received a 92% stake in Aerolíneas Argentinas from the SEPI, which had owned the airline since . Marsans committed to assuming half of the airline’s debt—approximately million euros—and injecting an additional million euros. Grupo Marsans held ownership of Aerolíneas Argentinas along with its domestic branch Austral Líneas Aéreas until both carriers were renationalized at the end of 2008. In July that year, Marsans agreed to sell Aerolíneas Argentinas back to the Argentine government, but negotiations collapsed due to valuation disputes—Credit Suisse appraised it at million euros for Marsans while an Argentine court assigned it a negative value of − million euros—and allegations of mismanagement prompted government intervention. As reported by MercoPress, Grupo Marsans’ decline accelerated following the loss of control over the airline.
AeBal-Spanair Link
AeBal, known formally as Aerolíneas de Baleares, was founded in 1999 and commenced operations on 5 July 2000 out of Madrid, initially offering domestic flights with a fleet comprising three Boeing 717 aircraft. Originally called Aerolíneas Baleares Blue Star, it operated under the AeBal-Spanair Link brand and bore much of Spanair’s livery. Ownership was split among Grupo Marsans (51%), SAS Group (25%), Spanair (18%), and VITRAC (6%), employing 155 staff members as of March 2007. Later changes in shareholding resulted in SAS Group acquiring full ownership.
Aerolíneas del Sur
Originating in Chile, this airline commenced its operations in December 2005. It was subsequently renamed Air Comet Chile and operated flights to multiple domestic locations such as Antofagasta, Calama, Concepción, Iquique, Punta Arenas, Puerto Montt, and Santiago.
Air Comet
Established in 1996, Air Comet concentrated its services on Latin American destinations including Buenos Aires, Havana, Guayaquil, Lima, and Quito. In December 2009, the airline halted operations after a London court ordered the seizure of its fleet of 13 aircraft due to an outstanding debt of US$24.4 million owed to HSH Nordbank, linked to aircraft lease agreements, some involving an Irish company. The following day, the Spanish Development Ministry revoked Air Comet’s operating license after suspending its flights. At the time of closure, the airline had accrued roughly €7 million in unpaid salaries owed to staff over a six-month period.
Spanair
Spanair, headquartered in the Balearic Islands, was founded in December 1986 through a partnership between Scandinavian Airlines (SAS) and Teinver, a holding entity owned by Gonzalo Pascual and Gerado Díaz Ferrán. The airline began charter services in 1988, introduced scheduled domestic routes in February 1994, and expanded to intercontinental flights by 1997. Initially, Teinver—under Marsans control—held a 51% ownership stake until 2001 when SAS increased its share to 75%, thereby acquiring majority control before eventually divesting.
External links
- Gonzalo Pascual, Spanair's founder, passes away due to heart failure