Tuesday, May 31, 2011

Marsans claims 1,100 million to the Argentine government ICSID

MADRID, 30 May. Marsans has claimed EUR 1,100 million to the Argentine government for the expropriation of Aerolineas Argentinas (AA) to the court for settlement of disputes under the World Bank (WB), ICSID, as a result of the lawsuit filed by the group in December 2008 During the first hearing of the arbitration process in which appeared the previous owners, Gerardo Diaz Ferran and Gonzalo Pascual.

Marsans, who always considered the process "pillaging", decided to go to the Rules, inter alia, the purchase agreement that the Spanish group signed with Airbus for the purchase of 40 aircraft - for about 1,100 million euros - for the fleet of both airlines and Air Comet Argentina and that the latter took in its entirety.

The former owners of Marsans came last Saturday to Washington DC, where he held the hearing will continue on Monday, to explain why they decided to sue the Argentine government, blaming the collapse of the airline Air Comet. By Teinver, society and heritage Marsans applicant, his representative attended Iván Losada.

At the hearing, the firm King & Spalding, specializing in international conflicts and legal representative of Teinver, now in bankruptcy proceedings, said that the economic loss suffered by Marsans "before and after his condemnation drew many Spanish to group companies file a voluntary bankruptcy creditors.

"If Air Comet, former owner of Aerolineas Argentinas, the Government had received the appropriate compensation for the airline, could have paid its creditors, leading to avoid the situation of having to file a voluntary arrangement with creditors," he said in a statement Posibilitum company in the hands of Business.

LIABILITIES OVER A 457 MILLION In any case, said that the two businessmen, who came as witnesses in support of the lawsuit filed by Teinver, "will not receive any financial compensation, as the receivables belong to this society, in case of obtaining a favorable decision, the go to deal with your creditors.

Teinver is in a state of dissolution "by having a liability of EUR 457.9 million against assets of 17.3 million euros, so it lacks liquidity to meet its debts. Patrimonial society Marsans group, which was acquired by Posibililitum in June 2010, owns shares of a number of companies that are entering the Travel Marsans, Newco (the company of 'handling' air), the hotel chain Hotetur , Air Comet, Travel Pot, Leisure, all in competition.

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