Argentine Airlines Announces Megabuck Investment to Revamp Fleet

Argentine Airlines (AA) said today it´s earmarking $557.8 million over the next five years to renew its own fleet of jetliners, thanks to a recent contract inked with U.S. giant Boeing Co.

The plan was unveiled by AA Vice President Jose Maria Llodra who informed the air carrier´s intention to buy 49 new airliners in a five-year term stretching from now through 2009.

Argentina´s number-one state-run airline, run by Spain-based Marsans Group, will cope with this investment endeavor relying on money from its own coffers.

Caribbean News Digital also learned that AA is getting set to put its own shares in the Buenos Aires Stock Exchange and preparations are underway to reschedule its own debt following an agreement reached with all creditors.

John Wojik, sales vice president for Boeing in Latin America, said the U.S. company is proud of its ties with Argentine Airlines and convinced that the South American carrier will continue on the right track after successfully overcoming the financial woes that swept the aviation sector in recent years.

Argentine Airlines -it has commercial bonds with Boeing Co. since 1966- was taken over by the Marsans Group in October 2001 after its top shareholder, the State Partnership of Spanish Industrial Stocks- decided to sell the carrier.