Marsans Resolves Aerolineas Argentinas Row

February 12, 2009

Spain's Marsans and the Argentine government have reached an agreement to resolve the dispute over the expropriation of Aerolineas Argentinas from the Spanish travel group, Negocio newspaper said on Thursday, citing EFE.

In December, Argentine lawmakers approved the seizure of the struggling Argentine airline without compensating Marsans after negotiations for its sale failed.

Negocio cited EFE as saying a final agreement is set to be signed next Wednesday and involves the Argentine government buying about 40 of the 61 Airbus planes ordered by Marsans last November.

This will allow the travel company to recover EUR150 million euros in down-payments on the aircraft.

The resolution between Marsans and the Argentine government also includes maintaining the code-sharing agreement between Aerolineas and Marsans' Air Comet airline, Negocio said.

News of the agreement comes in the wake of the state visit to Spain by Argentine President Cristina Fernandez on Monday and Tuesday.