Basically, it is what happens to all the airlines who want to start without sufficient funds.
Officially, it is not a start-up, since it is the continuation of AIr Toulouse. But it was a rather small charter airline. Then, because of AirLib bankrupt, they have decided to replace them, by becoming a low cost domestic airline.
Of course, it was a great opportunity, and very tempting. But to succed, you need a lot of money (as Jet Blue did).
You have to finance additional planes, crew, airport leases, and MARKETING, to be sure people know that you exist.
And all this is very expensive. And despite being profitable as a charter ops, they didn't have the first euro to finace this expansion.
They just thought that investors would follow.But apparently, they have not been able to find those investors.(Here, I think investors made a mistake)
Ecoute les orgues, Elles jouent pour toi...C'est le requiem pour un con