Restructuring: First-class upgrades

The restructuring of Uruguayan flag carrier Pluna is remarkable not only for its political implications, but also for the unprecedented 100% return on creditors’ court-verified claims and the Supreme Court battle that preceded it

Restructuring: First-class upgrades

In 2012, Uruguayan aeroplane company Pluna was in serious financial trouble. The renationalisation of Aerolíneas Argentinas had created a powerful competitor in neighbouring Argentina, driving down ticket sales. Demand was little better in Brazil, where the first signs of prolonged economic malaise were showing. Meanwhile, high fuel prices were squeezing out what little profit remained.

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