Paul Lewis/WASHINGTON
AeroPeru has until 12 July to find a new backer following Continental Airlines' decision to pull out of a rescue. The move comes after operating permits were granted to planned start-ups LanPeru and TransAmerica.
The bankrupt national carrier has reacted by opening talks with two other potential partners - one a US airline and the other a South American operator - that have "expressed interest", chief executive Jaan Albrecht says.
"At a creditors' meeting, which Continental did not attend, we were given a mandate of 15 working days to do our best and come up with a new restructuring plan, otherwise the airline will be liquidated," he says, adding that if a "feasible" proposal exists by the next meeting, a further 60-day extension might be granted.
Two other refinancing letters of intent, from US spares supplier APSI and private domestic operator Aero Continente, are on the table, but Albrecht stresses that AeroPeru wants a strategic partner, and suggests that - while the final decision rests with the creditors - the offers are unacceptable.
Aero Continente and a military- run operator are the only two airlines offering domestic services.
The preferred deal remains the one presented to Continental, with an investor taking a 49-65% stake in the restructured airline. About $100 million in debt would be written off and a further $40 million converted into a 30% stock holding, with the remaining 5% held by airline employees. Continental had planned to take a 49% stake, injecting $30 million into the carrier.
The deal with the US major is understood to have foundered after Peruvian President Alberto Fujimori met Continental president Gordon Bethune and refused to promise AeroPeru a monopoly during its relaunch. Lima has since approved a licence allowing LanChile-controlled LanPeru to begin domestic operations from July with a Boeing 737-200, later expanding to international routes with a Boeing 767. Grupo TACA-sponsored TransAmerica also plans to enter the Peruvian market. LanChile is believed to have expressed an interest in AeroPeru.
Source: Flight International
