Flight booking site Terminal A files for bankruptcy

Spanish company Terminal A, a low cost flight booking site, with a local presence in more than 20 countries worldwide and bookings with 500 airlines, is Europe’s number one when it comes to getting a flight ticket.

However, according to Europa Press (Spanish news site), the company has just filed for bankruptcy with 50 million euros of debt to flight companies – some are stockholders.

The company, founded in 2004, predicted a 40% growth for 2009 and that in 2008 it earned 180 million euros, with a 30% growth from 2007. It now proposes a four year payment plan for the debt, just to continue their regular operations.

Their “group currently, directly or indirectly, handles one third of the worlds travel arrangements“, so the significance of its survival can not be understated.