Paul Lewis/WASHINGTON DC
Final hopes of finding a new financial backer for AeroPeru have been extinguished as creditors rejected four last-ditch rescue proposals and initiated moves to liquidate the grounded national carrier.
"The creditors met to consider four proposals, none of which were acceptable-The creditors were obliged to analyse them and asked for bank references, but all of them lacked seriousness or financial support," says Jaan Albrecht, AeroPeru chief executive.
Peruvian domestic operator Aero Continente and planned start-up carrier Aviandina both submitted plans to take over AeroPeru's international routes - but not to relaunch the airline. Miami-based Aviation Power Supplies and a group of airline employees also submitted proposals. The latter comprised three unions, representing only 35% of the staff and including the pilots. Its $80 million offer was based on the promise of an Indonesian bank loan to purchase two jets.
AeroPeru missed its best chance of rescue when Continental Airlines pulled out of a $30 million equity investment after the government refused to give it protection from competition during the start-up. American Airlines also conducted due diligence after Delta Air Lines and Cintra of Mexico put up for sale their respective 35% stakes in AeroPeru.
"I think if you have been dropped by three major airlines, it sends out a clear message to a potential fourth," says Albrecht. Creditors will now sell AeroPeru's airport property, ground equipment, Servirampa ground handling company and interest in Sita to cover some of its $130 million of debt.
To fill the void left by AeroPeru's demise, newly launched LanChile-backed LanPeru plans to launch services to Santiago and Miami by October. A second start-up, TACA-backed TransAm, has been permitted to begin domestic services from early September.
Source: Flight International
