Peruvian carrier AeroContinente's effort to buy Ecuatoriana has been turned down on the grounds that Ecuador's government has no right to sell VASP's majority stake in Ecuatoriana, even though the airline is in administration. The legal status of VASP's shares remains murky. Meanwhile, the aviation authority has been transferred from air force to civilian control in a bid to regain US Federal Aviation Administration Category 1 status to enable Ecuadorian airlines to fly to the USA.
Source: Airline Business