“Financial agony” is the phrase Pluna president Carlos Bouzas has for conditions at Uruguay’s flag carrier. No new bidders for the airline have emerged, and the sale of Varig’s 49% stake in Pluna is tied up in Varig’s bankruptcy proceeding. Meanwhile, Pluna debts are rising. Since Uruguay’s government cancelled the Varig management contract in June, Pluna has run up an unpaid $3 million fuel bill.

Source: Airline Business