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Aerolineas subsidiary in Chile files for bankruptcy protection

Tuesday, December 23rd 2008 - 20:00 UTC
Full article

Air Comet Chile, a unit of Spanish group Marsans, said on Monday it had filed for bankruptcy protection, less than one week after the Argentine Senate voted to expropriate Aerolineas Argentinas, also owned by Marsans.

"The bankruptcy request was filed on Friday, and we cannot comment any more on the subject because it is in judicial process" a source with the company said. In September, Air Comet began cutting back on routes, frequency of flights and reducing the number of aircraft in its domestic fleet. The group has also had problems in Argentina, where Congress last week approved a law to expropriate Aerolineas Argentina from Marsans after a three month fracas that strained relations between Spain and Argentina. Marsans later announced in Madrid and Buenos Aires that it would appeal in international courts which protect foreign investors, the Argentine Congress decision. Air Comet joined forces in September with Sky Airlines, another small domestic operator, to better compete with dominant carrier Lan Chile, which controls over 75% of the Chile's domestic passenger market and more than 50% of its international market.

Categories: Economy, Mercosur.

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