Uruguay

Government takes over Pluna SA debt

27-Jun-2012

On 19 June 2012, the government announced that it would pay the debts of airline Pluna SA to petroleum group ANCAP. These debts had accrued from increasing fuel costs, and Pluna is estimated to hold US$25 million in liabilities. In exchange for covering these debts, the government will intervene to build a long-term plan for Pluna to become fiscally viable, with the first payment to be made once the airline establishes its capitalization plans and puts into place new investments.

 

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