Aerolineas Argentina will be sold rather than liquidated. SEPI, the Spanish holding company that controls 91% of its shares, is convinced by initial offers that a deal can be reached to save the troubled airline by selling it.

SEPI has narrowed the field from seven to four bids. Two are from local groups, the third from the Spanish AirPlus group, while the fourth is from a US investment fund that has asked to remain anonymous. Eduardo Eurnekian, the local entrepreneur who has stakes in several of the country's airlines and most airports, earlier withdrew his own offer, but now says he may associate with Juan Pellegrini, the former Aerolineas chief who leads one of the local groups.

Source: Airline Business