EMBATTLED SPANISH flag carrier Iberia has run into a fresh crisis over its ill-fated Latin American holdings, this time facing an ultimatum to raise its stake in struggling Chilean airline Ladeco.
The Chilean Ibanez family, which owns a controlling 57% in Ladeco, has indicated that it wants Iberia to take over its stake, say sources within the Spanish airline.
If Iberia, which already owns 37% of the Chilean airline, turns down the offer of control, as seems likely, the family is understood to be threatening to find an alternative buyer.
Iberia already faces a similar stand off with the Venezuelan Government over Viasa (Flight International, 22-28 March). The state is seeking to dump its stake on Iberia, which already holds 45% of the airline. A crucial meeting of shareholders has been postponed for three months and Iberia is "in no hurry" to resolve the dispute.
Iberia is struggling to see a controversial $1 billion state-aid application through the European Commission (EC). Speaking in Madrid on 27 March, the EC Competition Commissioner re-iterated his opposition to the state aid, suggesting that no resolution is on the horizon.
Source: Flight International