The Uruguayan state will make its final payment this August on a $137 million contract with Canada’s Scotiabank for the purchase of seven planes from the former Pluna company. The flag carrier was shut down in 2012, when then-president José Mujica decided to do so due to financial problems.
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From that moment on, part of the value of its assets was transferred to a fund and the state took over the lease contracts, renegotiating the terms with creditors, including the Canadian bank. This way, the last installment will be paid 11 years after the company’s bankruptcy, as reported by AEROIN.
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In addition, the Uruguayan state still faces a complaint from Panama’s Latin American Regional Aviation Holding before the Investment Dispute Settlement Center (ICSID). This is because the Panamanian company owned minority shares in Pluna and has been suing the Uruguayan state for compensation since 2019, invoking an investment protection agreement.
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