March 2009. Spanair, the second largest Spanish airline, has been in crisis for the last two years. Its former owner, Scandinavian Airlines, tried to sell it for 450 million euros in 2007 but no buyer was found and the value of the company quickly diminished as the losses increased. In July 2008 over 400 workers were laid off. In August, 153 people died when flight 5022 crashed at Madrid airport while taking off -- the lowest point in the history of the company.
In April 2009 a group of Catalan investors bought Spanair for 1 euro and injected 100 million euros in the fledging company under a business plan that aims at showing profits in a couple of years. The new shareholders chose Ferran Soriano, former vicepresident of FC Barcelona, to lead the turnaround.
With unprecedented access, this film follows Spanair’s top managers as they go about implementing the changes, grappling with bleeding losses and labor unrest. “The Turnaround” is an observational film that offers the viewer a unique opportunity: to see from the inside how a company succeeds in getting back on its feet –or goes bust.