Iberia Group - Former Subsidiaries

Former Subsidiaries

• Aviaco, Aviación y Comercio, S.A. (Aviation and Commerce) was a subsidiary of Iberia mostly for domestic lines. It was founded on 18 February 1948 and operated until 1 September 1999.

Binter was the name of two airlines, both of whom were subsidiaries of Iberia, both airlines flew CN-235's :

• Binter Canarias - was established on 18 February 1988 and started operations on 26 March 1989. It was formed as a subsidiary of Iberia. In late 1999 SEPI (the Spanish state holding company of Iberia) implemented the privatisation of Binter Canarias, but held on to a "golden share", permitting it to authorise any future shareholding deal of more than 25%. However, the airline was wholly owned by Hesperia Inversiones Aéreas, which bought the airline in July 2002. It is now owned by Ilsamar Tenerife (49.81%), Ferma Canarias Electrica (10.44%), Agencia Maritima Afroamericana (10.11%), Flapa (10%) and others (19.6%) and has 406 employees. Some of the owners of Binter Canarias decided to buy Navegacion y Servicios Aéreos Canarios (NAYSA) and to transfer some planes from Binter to NAYSA in order to reduce costs and increase benefits.
• Binter Mediterraneo - created in 1988, in the likeness of Binter Canarias, and subsidiary of Iberia LAE. The airline was based in Madrid and operated a fleet consisted of five CASA CN-235 aircraft. Binter Mediterraneo linked the city of Melilla to Malaga, Almeria, Valencia and in its last year, with Madrid. Binter ceased operations after one of its planes crashed on August 29 of 2001 in the vicinity of Malaga airport while performing the Melilla-Malaga route. acquired by Air Nostrum, another Iberia subsidiary, in 1998 and absorbed its operations. It replaced the remaining CN-235's with ATR-72's.