2 de septiembre 2008 - 00:00

Marsans insists “Aerolíneas is not bankrupt”

The Senate finished yesterday its round of consultations about Aerolíneas Argentinas renationalization bill. Fabián Ríos and Senators listened to the arguments presented by Marsans managers Vicente Muñoz and Eduardo Aranda.
The Senate finished yesterday its round of consultations about Aerolíneas Argentinas renationalization bill. Fabián Ríos and Senators listened to the arguments presented by Marsans managers Vicente Muñoz and Eduardo Aranda.
The Argentine Senate finished yesterday its round of consultations about Aerolíneas Argentinas renationalization bill. Both Fabián Ríos, head of the Budget and Treasury Committee, and Senators listened to the arguments presented by Marsans managers Vicente Muñoz and Eduardo Aranda. Marsans group closed yesterday the debate in the Senate over Aerolíneas Argentinas and Austral's renationalization. The explanations given by Vicente Muñoz, manager of both companies on behalf of the Spanish group, provided the elements that will guide negotiations between Marsans and the State to reach an agreement on the price of the carriers. For one thing, it was clear there is no intention to transfer Aerolíneas Argentinas and Austral to the Argentine State in exchange of no payment, as had been said up to now.

Yesterday, Muñoz began by denying Marsans had stripped the carriers of assets and claiming there is a harassment campaign against the Spanish group.

He then talked about unionists' pressure and explained the total debt is $890 million while, according to their assessment, assets exceed $720 million. «Out of the total liabilities, only 240 million is a debt due,» said Muñoz yesterday.

This contradicts the information provided in the balance sheets presented to the Argentine General Audit Bureau, which include a positive capital of $102 million as well as the same values used by members of the opposition to claim Aerolíneas Argentinas' bankruptcy.

Among the explanations given to Senators, Muñoz emphasized that the Spanish group reinvested 100 per cent of Aerolíneas revenue. At the same time, he blamed unions for the serious financial crisis faced by the carrier.

Muñoz also stated that Marsans «added aircrafts» and created «favorable leasing situations» for the company.

Contrary to Congress belief that the agreement signed by the Secretary of Transportation Ricardo Jaime and Marsans lost validity after being removed from Aerolíneas renationalization bill, Muñoz said the agreement «is still in force.»

Investment

«We haven't sold any assets of the company. I don't understand why they are talking about asset stripping,», said Eduardo Aranda, Marsans manager present yesterday at the committee's full session.

Together with Muñoz, he explained that the Spanish State invested 2.7 billion dollars to keep the carrier operating, in a clear gesture to try to demonstrate that contributions made by the State Society of Industrial Participation had been capitalized on the company.

Muñoz also said another reason for selling the carriers to the State is «the lack of air transport policies.» He also stressed: «All countries offer support measures and do not regulate fares.»

In Argentina «fares are regulated and, on top of that, you have to keep on operating. There are 21 destinations only Aerolíneas and Austral travel to, because other carriers are not willing to lose money», he explained. «It's impossible to go on managing the carriers being continuously harassed by union leaders, whose only aim is to drive Marsans away.»

Both managers denied having oversold tickets during the last years and having stripped the company of aircrafts. «We're being accused with no evidence,» asserted Aranda.

Meanwhile, Kirchnerists get ready to vote for the renationalization bill at the Senate tomorrow. Apart from the report presented by government representatives to rescue Aerolíneas and Austral, the Radical Civic Union (UCR) and socialist Senator Rubén Giustiniani presented two other bills to be discussed on Wednesday.

The UCR proposes to reject the agreement signed by the Argentine government and Marsans group. The socialist also rejects the agreement and proposes to «expropriate» both carriers. The presentation of new reports closes today.

Government is not expecting any surprises. Yerterday, the president of Budget and Treasury Committee, Fabián Ríos, confirmed that «they have already decided to approve the bill» on Aerolíneas and Austral renationalization without making any changes to the bill's version approved by legislators in the Lower House. Tonight, Kirchnerists will meet to reach an agreement on their different positions and tomorrow the bill will be voted at the Upper House to become law.

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