Uruguayan government takes over bankrupt airline from private investors

Wednesday, June 20th 2012 - 06:37 UTC

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The Uruguayan government has reassumed control of Pluna, the nation's flag carrier after the airline’s controlling shareholder Leadgate announced that it will withdrawal from the ownership structure of the company. Read full article

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ChrisR
There is another solution.

Government figures state Pluna's debts as being US$ 301.1 million, while the assets are stated as US$ 290 million.

If the asset price can be realised (and without knowing the facts that is a BIG if) then the US4 11.1 million could be written off.

Who, in their right mind wants to take on this operation, forced to use ANCAP fuel which is 10% more epensive than the regional mean and a WHOPPING 40% more expensive than the Argentine Government charge their carrier who are in direct competion with Pluna for regional traffic?

And WHY, with a population of just 4.5 million, many of who will never fly in an airplane in their life, does Uruguay NEED a flag carrier?

The minister was surprised when the shit hit the fan last week. Been keeping his eye on the ball then?

Before ANY USD 35 M underwrite is given to any organisation, the Governmant should address these concerns first.
Jun 20th, 2012 - 07:43 pm - Link - Report abuse 0
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Self Determination
Time for the FIG to lease one of the planes ,in return for daily flights,if required, to Montevideo .It makes economic sense for both countries.
Jun 21st, 2012 - 04:45 pm - Link - Report abuse 0
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