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Lawmakers approve purchase of Argentine airline

Lawmakers approve purchase of Argentine airline

The lower house of Argentina's Congress has approved the government's purchase of Aerolineas Argentinas and its subsidiary Austral from a Spanish travel conglomerate.
The bill must be approved by the Senate before becoming law.
The measure says that Congress will set the purchase price and requires the state to hold the majority of the company's shares.
The company was privatized in 1991 and is struggling with financial woes and labor conflicts. It would return to state control with an estimated US$900 million debt.
The two carriers account for about 85 percent of domestic air traffic.
Lawmakers approved the bill early Friday by a 167-79 vote.


Updated : 2021-05-08 21:26 GMT+08:00