Argentina takes back national airline

Shanghai News.Net
Thursday 4th December, 2008

The expropriation of Argentina’s largest airline from its Spanish owners has been supported by parliament.

Aerolineas Argentinas has long been criticised over chronic delays and flight cancellations.

The government of President Cristina Fernandez vowed a government takeover after telling airline management that the airlines are for public use.

Madrid-based Grupo Marsans, which owns the airline, says the shares of Aerolineas Argentinas are worth $440 million.

But Argentina has said the airline is actually $833 million in debt, suggesting it is worth nothing.

Aerolineas operates about 80 percent of Argentine domestic flights.

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