JACKSON FLORES / RIO DE JANEIRO
Flag carrier Aerolineas Argentinas has told employees it is exiting bankruptcy protection after reaching an agreement with more than half of its creditors.
With total debts of $537.4 million - of which 45% is dollar-denominated - Aerolineas has struck a deal in which 60% of that amount will be disbursed this year, with the rest being defrayed over the next two years. Details of the debt reduction plan are expected to be presented at a creditors' meeting later this month. Chief executive Antonio Mata disclosed that the airline expects a net profit of $25 million for 2003.
Fellow Argentinian carrier Dinar has once again changed hands. After suspending its operations on 30 September and nearly two months after it was bought by American Falcon, the Salta-based carrier has been sold to a group of investors headed by Antonio Martinez Løpez, who is connected to former Argentinian regional airline LAER. The transaction will include the airline's $25 million debt. The new owners beat a bid by Bolivian flag carrier LAB. Gustavo Maradini Drago has been named the airline's new president.
To compete against Aerolineas on international services, Cordoba-based Southern Winds has signed a codeshare deal with Mexicana. This follows a similar agreement with Air Europa, which will link London, Milan, Paris and Rome to Southern Winds' services to Madrid. The deal with Mexicana will allow it to include Cancún and Mexico City.Source: Flight International
