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PLU-2004-02 - NEW 757
PLU-2004-04 - AEROLINEAS MERGER
PLU-2004-06 - ATR42
FORMED AND STARTED OPERATIONS IN 1936. A K A PRIMERAS LINEAS URUGUAYAS DE NAVIGACION AEREA AND PLUNA LINEAS AEREAS URUGUAYAS. REGIONAL AND INTERNATIONAL, SCHEDULED AND CHARTER, PASSENGER AND CARGO, JET AIRPLANE SERVICES.
CP 11500 MONTEVIDEO, URUGUAY
URUGUAY (REPUBLIC OF URUGUAY) WAS ESTABLISHED IN 1828, IT COVERS AN AREA OF 177,414 SQ KM, ITS POPULATION IS 3.5 MILLION, ITS CAPITAL CITY IS MONTEVIDEO, AND ITS OFFICIAL LANGUAGE IS SPANISH.
They were 2 obstinate youths running after an ideal, which at the time seemed an unachievable goal. Everyone denied them help, very few believed they could fulfill that ideal. The brothers Márquez Vaeza, Alberto and Jorge, who were only 29 and 22, respectively, intended to create the 1st Uruguayan airline. They finally managed to do so on November 20, 1936. Their enthusiasm and persistence convinced the then British Ambassador, Sir Eugene Millington Drake and, with this initial support in the way of financial and technical resources, the dream came true. We had a name, structure, lines, customers and status as a Uruguayan flagship. Their 1st flight, to the city of Salto, was the starting point of a company that is getting ready to celebrate its 70 years of life. 70 years of gathering experience, technology and destinations such as Buenos Aires, Sao Paulo, Rio de Janeiro, Asunción (Paraguay), Santiago (Chile) and Madrid, as well as special routes to Haiti, Congo, Colombia, Bolivia, Venezuela, Peru, Ecuador, the NE of Brazil, the Caribbean, Florianopolis and Bariloche. 70 years that enabled them to grow during the past tourist season in a way that was more than significant in the River Plate, where they became the airline with most frequent flights between Punta del Este and Buenos Aires.
All this is part of their company’s efforts to go the extra mile. 70 years means growth, but to grow is also to work according to the highest standards of safety and professionalism. It is to look for new prospects for their company, to feel forever the satisfaction of saying “All Pluna is for you.”
All Pluna is for you, for the past 70 years.
JANUARY 1996: Varig (VAR) OWNS 51%.
TO ASUNCION, BUENOS AIRES, MADRID, PORTO ALEGRE, PUNTA DEL ESTE, SAO PAULO, RIO DE JANEIRO AND SANTIAGO.
1995 = +16.4% (RPK) (PASSENGER TRAFFIC), +0.8% PASSENGERS (PAX).
APRIL 1996: CUTTING 865 TO 400 EMPLOYEES, SAVES $5 MILLION/YEAR.
JUNE 1996: NERY A TROIS, GENERAL MANAGER/PRESIDENT, EX-VARIG (VAR) GENERAL MANAGER OPERATIONS.
AUGUST 1996: SOLD ITS 707-300B TO BRAZILIAN AIR FORCE (BRF).
DECEMBER 1997: PUNTA DEL ESTE TO SAO PAULO.
FEBRUARY 1998: 737-2Q8 (21518), VARIG (VAR) 4 YEAR LEASED. DC-10-30 (47844) RETURNED TO (VAR), SOLD TO NORTHWEST AIRLINES (NWA).
MARCH 1998: 737-2Q8 (21518) LIVERY PAINTED BY URUGUAYAN ARTIST CARLOS PAEZ VILARO.
APRIL 1998: VARIG (VAR) INCREASES ITS SHARES TO (49%). THE REST (49%) BY THE GOVERNMENT AND (2%) BY THE MESA BROTHERS.
JUNE 1998: 1 737-200 (JT8D-17A), EX-VARIG (VAR).
AUGUST 1998: NERY TROIS, GENERAL MANAGER REPLACES ALBERTO FAJERMANN.
FISCAL YEAR (FY) 1997 = -$1.7 MILLION (-$16 MILLION) (NET LOSS).
OCTOBER 1998: RUBEN INGVER, ENGINEERING MANAGER.
NOVEMBER 1998: 737-241 (21004), VARIG (VAR) LEASED.
DECEMBER 1998: VARIG (VAR) ADMINISTRATION OF PLUNA (PLU) HAS BEEN VERY POSITIVE. (PLU) ADDED SERVICE TO SANTIAGO, AND INCREASED MARKET SHARE IN "AIR-BRIDGE" TO BUENOS AIRES TO 60%. REDUCED HEADCOUNT TO 572 EMPLOYEES.
APRIL 1999: 635 EMPLOYEES (INCLUDING 80 MAINTENANCE TECHNICIANS (MT)). SITA: MVDGMPU.
JUNE 1999: (FAA) SAFETY OVERSIGHT STILL RATES URUGUAY REGULATORY AUTHORITY AS CATEGORY 3, WHICH PREVENTS FLIGHTS TO THE USA.
SEPTEMBER 1999: 1 737-219 (21130), VARIG (VAR) LEASED. 737-241 (21004) RETURNED TO (VAR).
FEBRUARY 2000: IN 5TH YEAR OF PRIVATIZATION, 1999 = +$3 MILLION (NET PROFIT).
APRIL 2000: 635 EMPLOYEES.
JULY 2001: PLUNA (PLU) GOES INTO RECEIVERSHIP. OWNER VARIG (VAR) CONTINUES TO UNDERWRITE IT. (VAR) WILL COVER PART OF (PLU)'S -$10 MILLION IN LOSSES.
SEPTEMBER 2001: TO FLORIANAPOLIS.
NOVEMBER 2001: 2 737-200'S RETURNED TO LESSOR. ACQUIRES 737-3Q8 (1924-24700, /90 22 18 CX-PUA), EX-ISLANDSFLUG, (PLM) (PLI) LEASED.
APRIL 2002: VARIG (VAR) AND URUGUAYAN GOVERNMENT MAKE A CAPITAL INJECTION OF $20 MILLION TO CANCEL DEBTS AND AVOID TECHNICAL BANKRUPTCY (INCLUDING $14.5 MILLION FROM (VAR).
July 2002: (email@example.com). SITA: MVDDDPU.
2001 = 638 million (RPK) (passenger traffic); 65.5% LF (load factor); 593,000 passengers (PAX); 13.32 million (FTK) (freight traffic); 500 employees.
August 2002: Plans to lease 1 767-33AER, ex-CityBird (CBD) from Ansett Worldwide (AWW) for operations to Madrid.
October 2002: 767-33AER (28495, CX-PUB), (AWAS) (AWW) leased.
November 2002: Seeks Extended Twin-engine Operations (ETOPS) operational approval for newly acquired 767-33AER.
December 2002: Montevideo toO Madrid (3x-weekly).
June 2003: 500 employees.
Main Base: Montevideo airport (Carrasco).
December 2003: 757-23A (24291), ex-National Airways (NAB), Ansett Worldwide (AWW) leased.
December 2004: In January 2005, Santiago to Porlamar (757, Friday charter), Santiago to Punta del Este.
June 2005: Signs with Lufthansa (DLH) Systems for its Flight Management System navigation database services.
May 2006: Pluna Lineas Aereas Uruguayas (PLU), as the national airline operates scheduled, jet airplane services to points in South America and to Madrid. A regular all-cargo service is also flown between Montevideo and Miami.
(IATA) Code: PU -286. (ICAO) Code: PUA (Callsign - PLUNA).
Parent organization/shareholders: Government of Uruguay (49%); Varig (VAR) (49%); and Santiago and Victor Mesa (2%).
Alliances: Aeromas; Rio-Sul (ROS); (TAM) Aereod del Mercosur (LAP); and Varig (VAR).
Domestic, Scheduled Destinations: Montevideo; and Punta del Este.
International, Scheduled Destinations: Asuncion; Buenos Aires; Madrid; Porti Alegre; Rio de Janeiro; Santiago; and Sao Paulo.
July 2006: The transfer of Venezuela's state-owned Conviasa (VCV) from the tourism to infrastructure ministries has changed its priorities to more domestic flights and stalled plans to take a 49% stake in Uruguay's Pluna (PLU). Conviasa (VCV) insists the management shuffle has only delayed its plans, but Pluna's President has started talks with other airlines.
November 2006: New livery on 737-2A3 (22738, CX-BOO) - see photo. ATR42-320 (284, CX-PUC), returned to lessor and stored at Montevideo.
February 2007: 737-86N (28618, OK-TVQ), Travel Service (TSF) wet-leased.
March 2007: JetWorks Leasing announced the sale of a 767-300ER on lease to (LAN) Airlines by (BTMU) Capital and (HSH) Nordbank to a fund managed by Guggenheim Aviation Partners (GUG), and a 737-300 on lease to Pluna (PLU) by (PLM) Financial Services to Deutsche Bank Equipment Leasing.
July 2007: Leadgate Investments, a company owned by Uruguayan nationals took control of Pluna (PLU) after buying a 75% stake.
Pluna (PLU) placed a firm order for 7 Bombardier CRJ-900 NextGens plus 8 options, becoming the 1st South American customer for the type, Bombardier announced. The order is worth approximately $261 million at list prices, and would increase to some $571 million if all options are exercised. Delivery schedule was not announced. "The CRJ-900 NextGen regional jet is ideally sized for our market," Pluna (PLU) (CEO), Matias Campiani said, adding that it will "enhance our ability to serve our regional markets with more frequent and more cost-effective service." Pluna (PLU), of which 75% is held by the Leadgate Investments consortium and 25% by the Uruguayan government, currently operates 1 767-300ER, 1 757, 3 737-200s, and 1 737-300, with 2 airplanes stored. Average age of the fleet is 20 years.
October 2007: Iberia (IBE) Maintenance won a 1-year contract from Pluna (PLU) to conduct "A"-type inspections of a 767. Under a separate agreement, (IBE)'s Maintenance division will maintain and overhaul the (RB211-535E4)s on 1 of (PLU)'s 757s.
November 2007: Americo Mibelli, (CFO), with 20 years in airline accounting and insurance, including a stint with Lufthansa (DLH) in Hamburg. Agustin Munoz, Information Technology (IT) Manager comes from university, where he gained a Masters in Engineering Science. Beatriz Olivera, Head of Marketing, following a public relations career in Montevideo. Beatriz Puime, Supervisor Flight Attendants (CA).
March 2008: 2 CL-600-2D24s (15165, CX-CRA; 15169, CX-CRB), deliveries.
June 2008: CL-600-2D24 (15180, CX-CRD), delivery.
July 2008: CL-600-2D24 (15185, CX-CRE), delivery.
September 2008: Uruguay’s struggling Pluna (PLU) ended flights to Madrid, upsetting government officials. (PLU) said it will concentrate on short-haul routes within its region using recently acquired CRJ-900s.
December 2008: World nations currently rated Category 2 by the USA (FAA) under the (FAA)'s International Aviation Safety Assessment (IASA) program are: Bangladesh, Belize, Ivory Coast, Croatia, Democratic Republic of Congo, Gambia, Ghana, Guyana, Haiti, Honduras, Indonesia, Israel, Kiribati, Montenegro, Nauru, Nicaragua, Paraguay, Philippines, Serbia, Swaziland, Ukraine, Uruguay and Zimbabwe. The (FAA) rating prevents nation's airlines being allowed to fly into the USA. They have the option to fly to the USA with an airline who is approved under Category 1.
The (FAA) states that a Category 2 rating "may involve a country lacking laws or regulations necessary to oversee air carriers in accordance with international standards, or that its civil aviation authority does not meet international standards in 1 or more areas such as technical expertise, trained personnel, record keeping, or inspection procedures."
June 2009: CRJ-900 (15209. LV-BYW), leased to Aero (VIP).
April 2010: Bombardier Aerospace (BMB) announced that Pluna Lineas Aereas Uruguayas (PLU) signed a follow-on firm order for 3 CRJ-900 NextGen regional jets and has taken options on an additional 6. (PLU) already operates 7 of the type from an order announced in July 2007. Based on the list price for the airplanes, (BMB) valued the order at approximately $120 million, rising to $370 million should all 6 options be exercised. "(BMB)'s CRJ-900 NextGen airliner has given us the ability to upgrade our passenger service and develop new markets," (PLU) (CEO), Matias Campiani said. "It has allowed us to offer more frequent service with its low operating economics, exceptional passenger comfort and proven high reliability. Our 3 new airplanes will enable us to continue expanding our route network."
October 2010: CRJ-900 (15239, CX-CRK) delivery, ex-(C-GDIW).
January 2011: Pluna (PLU), partly owned by Air Canada (ACN)’s Jazz, announced reduced losses for the fiscal year that ended last June. (PLU) said net loss was down to -$18 million, with operating margin at negative -2%. It would have broken even, moreover, ex-special items, though it didn’t publish detailed accounts. The figures represent a big improvement versus recent years as business builds in South America’s southern cone.
(PLU) currently serves 15 airports in Uruguay, Brazil, Argentina and Chile with 10 CRJ-900s.
May 2011: Bombardier Aerospace said that Pluna Lineas Aereas Uruguayas (PLU) signed a follow-on order for 3 CRJ-900 NextGen regional jets, from an order announced last year. It is valued at approximately $129 million based on list prices. (PLU) already operates 10 of the type.
“The Bombardier CRJ-900 NextGen airplane has allowed us to increase frequencies and expand to new markets,” said (PLU) (CEO), Matias Campiani. “The airplane offers a combination of low operating costs, exceptional passenger comfort and proven high reliability.”
(BMB) said the commitment increases firm orders for CRJ-900 and CRJ-900 NextGens to 265 airplanes, with 244 of these having been delivered as of January 31, 2011. In total, 1,708 CRJ series airplanes have been ordered, with 1,628 delivered as of January 31.
June 2011: (MTU) Maintenance Berlin-Brandenburg signed an agreement with Pluna (PLU) covering maintenance of its (CF34-8C5) engines. (PLU) operates a (CF34)-powered fleet of 10 CRJ-900 jets. The contract runs until December 2017 and is valued at €20 million/$29.2 million.
October 2011: Pluna Lineas Aereas Uruguayas (PLU) will launch domestic services in Chile in the 2012 1st quarter. (PLU) will operate flights between Santiago (SCL) and Antofagasta, Calama and Concepcion.
(PLU) is hopeful it will successfully compete with local market leader (LAN) Airlines and other competitors by consolidating its presence in the Chilean market.
(PLU) operates a fleet of 9 Bombardier CRJ-900s and will introduce 2 additional airplanes of the type into fleet by year end. (PLU) hopes to implement a 4th daily, (SCL) TO Montevideo (MVD) service.
(PLU) is hopeful its new domestic Chilean services will feed traffic for its international routes out of the (MVD) hub to 3 destinations in Argentina, 1 in Paraguay and 9 in Brazil.
CRJ-900 (15274, CX-CRM), ex-(C-GZQC) delivery.
April 2012: Pluna (PLU) has announced its intention to almost double its CRJ-900 fleet by 2017, and to possibly add 12 additional CRJ-900s to its fleet of 13 airplanes by then.
May 2012: Pluna (PLU) and its losses have become the topic of political debates in Uruguay with the government actively looking for potential new investors willing to participate in a recapitalization of (PLU) or even the option of nationalization. Pluna (PLU) currently operates 14 CRJ-900s on regional services and is 75% owned by Uruguayan investment company LeadGate with 25% of the shares held by the government. Jazz Air (ACN) owner, Chorus Aviation owns one third of LeadGate.
June 2012: Pluna (PLU) (CEO) Matthias Campiani has issued a warning of a potential collapse of Uruguay’s flag carrier, driven by sluggish Latin American economies and the restrictive policies of the region’s governments, particularly Argentina, which has practiced fierce protectionism since the re-nationalization of flag carrier, Aerolineas Argentinas (ARG) in 2008.
Yet Uruguay's challenges in Argentina (where (PLU) deploys 21% of international seats) are not new, as evidenced by (PLU)'s recent strategy to expand into Brazil instead. Argentina's protectionism has understandably been a sore point for Mr Campiani, who is resolute and will see that objectives are accomplished. While (PLU) has encountered losses, it has in recent times broken even. There is no doubt (PLU) has suffered from protectionism and like most carriers is seeing a downturn from global economic events, but a collapse is difficult to envision.
Pluna (PLU) is back under the full control of the Uruguayan government after its 75% shareholder, Leadgate has transferred its stake in the carrier to the Uruguayan Stock Exchange that will hold the shares until a new investor can be found. Pluna (PLU) has reportedly accumulated debt of approximately 300 million USD and is in urgent need of recapitalization. Leadgate and the government, which owns the remaining 25% of the shares, could not agree on a plan to finance (PLU)'s capital needs.
July 2012: Uruguay's government-owned Pluna Lineas Aereas Uruguayas (PLU), which suspended operations July 3 will auction off its fleet of 7 Bombardier CRJs and route rights within 60 days.
Following a law passed July 17, the Uruguayan government will not own a stake in a new airline to replace the 75-year-old (PLU), which became a state-owned organization in 1951 and had a complex management and capital share status since 1995 that involved state and private investors. It was 1st managed by Varig (VAR). In 2007, the government replaced (VAR) with the Argentine investment group Leadgate as its major partner, but the deal ended June 15 after its debt was estimated to have reached $380 million.
(PLU) carried approximately 20% of the 3 million international visitors to Uruguay last year.
(PLU)’s workers union has announced it will establish a cooperative and participate in the auction, backed by an undisclosed private investor ready to invest $200 million in the airline. Its fleet value is estimated to be $135 million, but no figures have been announced regarding route rights.
Of (PLU)’s 16-destination route network, its top route was the Montevideo (MVD) to Buenos Aires (EZE) shuttle, which represented 30% of all services. (PLU) operated 60 weekly services on this route and had reached a 75% LF load factor in 2011; boarding passengers grew from 422,000 to 543,000.
Uruguay’s Minister of Transportation, Enrique Pintado told local media the government is meeting with different business groups interested in the airline. One of the candidates according to local press is Argentine business tycoon, Juan Carlos López Mena, owner of the river boat Buquebus company that provides services between Montevideo and Buenos Aires, and of regional carrier (BQB) Líneas Aereas. López Mena has told local press he would be interested in (PLU)’s route rights only and (if declared winner of the September auction) would rather operate the route with (BQB)’s fleet of ATR72-500s instead of (PLU)’s Bombardier airplanes.
If the government does not get an offer equivalent to the expected $135 million, a 2nd auction will be held.
In the meantime, Aerolíneas Argentinas (ARG) and co-sister, Austral (ALA) have announced they will increase weekly frequencies from 18 to 50 from August 1 on joint services in the (MVD) to (EZE) city pair route.
August 2012: The federal government of Uruguay confirmed to local media that it used money from a $300 million passenger protection fund to aid stranded Pluna Lineas Aereas Uruguayas (PLU) passengers after (PLU) was liquidated earlier last month.
The fund was used to buy tickets through July 15 at (TAM) Airlines (TPR), (LAN) Airlines, (GOL) (GOT), regional carrier (BQB) Líneas Aereas and others to fly back passengers from destinations in Argentina, Brazil, Chile and Paraguay.
A spokesperson said (PLU) is still running a call center telephone line and that a government delegation will visit neighboring countries to motivate airlines to increase their frequencies to Uruguayan destinations.
An auction will be held in September to sell (PLU)’s 7 Bombardier (BMB) airplanes.
The Uruguayan government has announced rules for the fleet auction of liquidated Pluna Lineas Aereas Uruguayas’ (PLU) 7 (BMB) CRJ 900s, to take place September 12. (PLU) suspended operations July 3.
According to Law 18931, the executive power is entitled to directly negotiate related matters with the winner, including granting of route rights, existing leasing contracts comprising 6 additional (BMB) airplanes, and the hiring of former (PLU)’s employees. The winner must hire at least 250 former employees.
Observers believe the government is in a hurry to provide Uruguay with a new flag carrier before the year’s end summer peak season, as international airlines are filling the gap left by (PLU)’s absence in the local market.
October 2012: Spanish charter carrier, Cosmo Airlines has paid $137 million for 7 Bombardier CRJ900s from Uruguay’s liquidated Pluna (PLU) at a government auction. Cosmo plans to use the airplanes on its Central and Eastern European services, expanding its current fleet of 2 Airbus A320s.
Cosmo has a priority status through November 1 to negotiate parallel route rights granted to (PLU) or give them up, opening the doors for government negotiations with other interested parties.
(PLU) suspended operations on July 3. It operated an average 250 weekly flights linking Montevideo to destinations in Argentina, Brazil and Chile.
(PLU)’s 6 remaining leased CRJ900s may be sold at a future auction.
December 2013: (PLUNA) ((IATA) Code: PU, previously based at Montevideo) (PLU) and its controversial bankruptcy proceedings have claimed the scalp of the Uruguayan Minister of Economy & Finance, Fernando Lorenzo Estefan. At a brief press conference on December 22, President Jose Mujica announced his minister's resignation. Mr Mujica did not take any questions. Mr Estefan's surprise resignation comes in the face of an ongoing investigation into the alleged irregular sale of government-owned CRJ-900s following the closure of Pluna (PLU) last year. The "Mercosur" press claims that Mr Estefan had tried to sell the company's assets in an auction, where the only buyer turned out to be a front for (PLU)'s competitor, Argentine-born businessman, Juan Carlos López Mena, owner of (BQB) Líneas Aéreas ((IATA) Code: 5Q, based at Montevideo). A prosecutor wants Lorenzo and Banco Republica President, Fernando Calloia charged with abuse of power, and (PLU)'s last private owner, Matias Campiani charged with fraud.
October 2018: "New Pluna Owners to Challenge Uruguay over Airline’s Demise" by Sean Broderick (firstname.lastname@example.org), (ATW) Plus, October 19, 2018.
A Panamanian investment company has purchased the outstanding shares of former Uruguayan flag carrier Pluna Lineas Aereas Uruguayas (PLU) and, through arbitration, plans to seek financial compensation for Uruguay’s alleged role in wiping the airline out, (ATW)’s sister publication Aviation Week has learned.
A source with knowledge of the proceedings confirmed Caballero Verde S de R L (Caballero) recently took control of the Latin American Regional Aviation Holding Corporation (Larah), the Panama-based company that owned 75% of Pluna (PLU).
Larah’s previous owners were Chorus Aviation, 3 former executives of Leadgate, a defunct private-equity (PE) firm, and other international investors. Leadgate took control of (PLU) in 2007 but lost its stake in (PLU) when the government took over the financially struggling carrier in 2012 and shut it down.
The source confirmed Caballero purchased each former owner’s stake and now owns Larah outright. The firm’s planned next step is to leverage an investment treaty between Panama and Uruguay to argue that the Uruguayan government played a central role in (PLU)’s 2012 demise.
Caballero expects to file a legal complaint soon that would officially start a process outlined in the treaty, giving both sides six months to negotiate a settlement. If a deal is not reached, the case will go to international arbitration.
Caballero is seeking damages in the “hundreds of millions of dollars,” the source said, citing (PLU)’s projected value today, as well as to cover the value of a handful of aircraft that were sold in 2012 as the primary assets. Caballero is believed to be controlled by Tenor Capital, a New York-based (PE) firm with experience in the growing field of funding investors’ legal cases against states in exchange for shares of any awards.
A Chorus spokesperson confirmed the company “no longer holds interest” in Larah but declined to elaborate, saying the transaction’s details are “not material information.”
Founded in 1936, Pluna (PLU) was nationalized in 1951 and then taken partially private in 1995. In 2007, Uruguay reached a deal to award 75% of (PLU) to Leadgate, which committed to invest nearly $180 million in the Montevideo-based airline, while the government held the rest. Canada’s Chorus (then operating as Jazz) invested $15 million in Larah in April 2010, receiving 33% equity in the holding company.
Under Leadgate, the airline grew its fleet to 13 aircraft (its largest ever) and set an annual passenger record in 2011. But financial challenges quickly mounted, and the Caballero complaint will argue that government actions played a direct role in preventing the airline from recovering. Among the accusations: major cash-flow issues triggered by changes in payment terms to the state-owned oil company amid rising fuel prices and intervention that prevented Leadgate from securing credit lines.
In June 2012, Leadgate (hemorrhaging money) returned its (PLU) stake to the Uruguayan government. Jazz followed soon after. “In the 2nd quarter of 2012, it was announced that (PLU) was in financial difficulty, and that the Uruguayan government had taken control of the airline, allowing it to continue operating,” Jazz said in an August 2012 statement. “All of the shares in (PLU) held indirectly by Larah, including the portion indirectly owned by Chorus, were placed in a trust with the Montevideo Stock Exchange in return for certain conditions and indemnities from the Uruguayan government.” The Canadian company recorded a $16.4 million write-down as a result.
Within weeks after Leadgate surrendered its stake in (PLU) to the government, the airline (facing strike threats) was placed in bankruptcy and shut down. Its assets, including 7 Bombardier CRJ900s and route rights, were liquidated within months.
In 2016, a Uruguayan bankruptcy court concluded the Leadgate executives were not responsible for (PLU)’s demise. This seems to strengthen any legal case against the Uruguayan government, and could explain why a (PE) firm such as Tenor would acquire ownership in a company that has one. Tenor helped fund Canadian mining company Crystallex’s successful case against Venezuela, which seized a mine and forced the company into bankruptcy. Some $1.2 billion was sought in the complaint, and the 2 sides reached an undisclosed settlement.
Click below for photos:
PLU-737-2A3 CX-BOO NEW LIVERY
PLU-CRJ-900 - 2011-09
PLU-CRJ900 - 2012-07
0 737-2A3 (JT8D-9A) (830-22737, /82 CX-BON "GENERAL JOSE ARTIGAS;" 834-22738, /82 CX-BOO "BRIG. GEN. JUAN A. LAVALLEJO" - SEE PHOTO; 844-22739, /82 CX-BOP " GENL FRUCTUOSO RIVERA"), 8C, 102Y.
0 737-2Q8 (JT8D) (522-21518, /78 CX-FAT), EX-(FAT)/(INZ), (VAR) 4 YEAR LEASED. RETURNED (VAR) 2001-12, LEASED TO (BAY). 8C, 102Y.
0 737-200 ADV (JT8D-17A), EX-(VAR) 1998-06. RETURNED. 8C, 102Y.
0 737-219 (JT8D) (426-21130, /75 PP-VPE), (VAR) LEASED 1999-09, EX-(ANZ)/(INZ), RETURNED (VAR) 2001-11 AS (N213PP). (21130; FOR SALE - NORTHERN JET SALES TEL: (615) 217-1006 AIRPLANE LOCATED IN SMYRNA, TENNESSEE): 50,000 TT. 8C, 102Y.
0 737-3Q8 (CFM56-3B1) (1924-24700, /90 CX-PUA), EX-(ISF), (PLI) LEASED 2001-11. SOLD TP DEUTSCH BANK EQUIPMENT LEASING 2007-03. 8C, 118Y.
0 737-86N (CFM56-7B26) (514-28618, /00 OK-TVQ "VITAVA"), (GEH) LEASED 2000-05, (TSF) WET-LEASED 2007-02. WITH WINGLETS. RETURNED. 186Y.
0 757-23A (RB211-535E4) (215-24291, /89 CX-PUD "URUGUAY NATURAL"), EX-(NAB), (AWW) LEASED 2003-12. RETURNED. 22C, 153Y.
0 767-200, (VAR) LEASED 4 DAYS/WEEK. RETURNED.
0 767-33AER (CF6-80C2B6F) (643-28495, /97 CX-PUB), (AWW) LEASED 2002-10. RETURNED. 20C, 217Y.
0 DC-10-30 (47844), (VAR) LEASED. RETURNED.
0 DC-10-30 (176-46941, /74, PP-VMQ), (CRR) LEASED, (VAR), WET-LEASED. RETURNED.
6 BOMBARDIER CRJ-900 (CL-600-2D24) (CF34-8C5) (15165, /08 CX-CRA (BLUE)- - SEE ATTACHED PHOTO - - "PLU-CRJ-900-2008-06;" 15169, /08 CX-CRB (TURQUOISE); 15175, /08 CX-CRC (RED)- - SEE PHOTO - - "PLU-CRJ-200 - 2011-09;" 15180, /08 CX-CRD (PURPLE); 15185, /08 CX-CRE (RED); 15204, /08 CX-CRF (BLUE); 15209, /08 LV-BYW (TURQUOISE); 15233, /10 CX-CRH (BLUE); 15234, /10 CX-CRI (PURPLE); 15239, /10 CX-CRK (BLUE); 15274, /11 CX-CRM (TURQUOISE); 15275, /11 CX-CRN (DARK RED)), 15209; LEASED TO AERO (VIP) 2009-06. 7 SOLD TO COSMO AIRLINES, SPAIN DURING AN AUCTION 2012-10. REMAINING 6 MAY BE SOLD AT FUTURE AUCTION. 90Y.
0 ATR42-320 (284, /92 CX-PUC), (GEF) LEASED 2004-03. 47Y.
MILTON RODRIGUEZ, CHAIRMAN.
MATTHIAS CAMPIANI, CHIEF EXECUTIVE OFFICER (CEO).
NERY A TROIS, GENERAL MANAGER/PRESIDENT (EX-(VAR) GENERAL MANAGER OPERATIONS) (1996-06).
AMERICO MIBELLI, CHIEF FINANCIAL OFFICER (CFO), EX-(DLH) (2007-11).
AGUSTIN MUNOZ, INFORMATION TECHNOLOGY (IT) MANAGER (2007-11).
BEATRIZ OLIVERA, HEAD MARKETING (2007-11).
JOSE CABRERE, FINANCIAL MANAGER.
ROBERTO DE OLIVEIRA LUIZ, COMMERCIAL MANAGER.
CAPTAIN EDUARDO SORRENTI GRAL, FLIGHT OPERATIONS MANAGER (MVDOZPU)
CAPTAIN MARIO SUAREZ, AIR SAFETY OFFICER (MVDOZPU)
HEITOR AZEVEDO, TECHNICAL MANAGER (MVDDTPU)
KLAUS DIETRICH, MAINTENANCE MANAGER (1999-07) (MVDDTPU)
J J CARDENAS, ENGINEERING MANAGER (1999-07) (MVDMRPU)
(email@example.com) (firstname.lastname@example.org). (BFSRIO1).
SERGIO RIOLFO, LOGISTICS MANAGER.
GABRIELA AVEDISIAN, MARKETING MANAGER.
GUILLERMO GADOLA, PERSONNEL MANAGER.
BEATRIZ PUIME, SUPERVISOR, FLIGHT ATTENDANTS (CA) (2007-11).