July 24, 2014
Recalde: Aerolíneas Argentinas' planes face 'no' embargo risk
President of Argentina’s flag carrier Mariano Recalde has denied risks of embargo of the company’s planes following a legal dispute with vulture funds that are suing the country over its defaulted bonds.
“Experience shows that embargo attempts on Aerolíneas Argentinas’ planes have failed. They can not seize them due to a series of legal arguments,” Recalde told reporters today.
According to the Aerolíneas Argentinas (AA) CEO, the firm has its “own” aircrafts that fly across the country facing no risk of seizure.
“Planes flying abroad have been acquired by leasing contracts, which is a lease with option to purchase, like the majority of airlines do that pay fees and when they finish to pay they acquire the good or renew it for a modern plane, following the same financing mechanism,” Recalde explained pointing out that in leasing operations it is the owner of the plane that keeps the property title.
“That is why I want to take calm (to people). We will continue to fly normally to all abroad destinations without risks (of embargo),” the official assured.