ACTIVITYAerolineas Argentinas is Argentine's flag carrier. Besides, it offers complementary services such as cargo transport. Austral operates in the Argentine domestic market.
|% stake sold||State-owned equity remaining|
|99.2% of Interinvest||0%|
|Type of deal||Buyers||Date SEPI||CCP's report||Government approval|
|Private sale (bid)||Air Comet||02/10/2001||Oct. 2001||12/10/2001|
ACTION ON AEROLINEAS ARGENTINAS
In October 2001, after a study and analysis in depth process of the selected offers, SEPI decided to award the participation it had in Interinvest (in its turn, owner of 92.1 per cent of ARSA and of 90 per cent of Austral) to the company Air Comet, a company integrated within the Spanish tourist group Marsans.
The sale to Air Comet implies the application of a Spanish-Argentine solution, which will be supported both by the Spanish and the Argentine companies of the buying consortium as well as by the Argentine partners of the air company, which represent 8.9 per cent of the corporate capital of Aerolíneas Argentinas and 10 per cent of that of Austral.
Air Comet's Future Plan includes a wide range of measures which are intended as a salutary lesson for Aerolineas Argentinas. The objective is not just to normalize the Group's activity, but also to promote its expansion until turn it into a powerful air operator.
To that end, Air Comet commits itself to the following;
1- To integrate all the staff of the group companies and not to reduce it during at least 2 years, except in case there is an agreement on that with the trade unions.
2- To recover immediately the operating level which existed before the crisis.
3- To optimize the management.
4- To promote a capital increase of 50 million dollars.
5- To provide business from the other companies which make up the buying consortium.
6- To increase the routes and frequencies.
7- To renovate and modernize the fleet.
According to Air Comet's plan, all these actions will result in the turnaround of the company's general balance, which will reach the equilibrium in its first fiscal year and profits before taxation in the second.
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