Argentina’s Senate approved the nationalization of Aerolineas Argentinas and its subsidiary on Wednesday, moving to return the financially troubled Spanish-owned airlines to state hands.
The 46-21 vote in favor of the takeover of Aerolineas Argentinas and Austral airlines was the final step in making the nationalization law. Argentina’s lower house approved the measure last month, which requires that the state hold a majority of company shares.
The text approved by the lawmakers after more than 11 hours of debate states that Argentina “will proceed in the rescue” of the airline to guarantee commercial air travel to the public. Congress will now set the purchasing price for the airlines.
PHOTO: EPA
Aerolineas Argentinas has been in Spanish hands for nearly two decades. Since 2001, the airline has been owned by Spanish travel conglomerate Grupo Marsans. The firm is struggling with financial woes and labor conflicts and has an estimated US$900 million debt.
Some Argentines celebrated in the streets of Buenos Aires on hearing of the vote, many holding up inflatable planes.
But the opposition has questioned the government’s decision to take on the airline before it has resolved the debt and labor issues.
“There are some who would not permit the payment of a single cent for Aerolineas Argentinas,” Senator Ernesto Ricardo Sanz told Union Civic Radial radio.
Government supporters responded that financial considerations come secondary to providing a public service.
“A public entity doesn’t always have to make money, although that’s ideal,” Congressman Ariel Basteiro said.
Aerolineas Argentinas and Austral together account for about 85 percent of domestic air traffic.
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