The consortium Leadgate has transferred their 75 percent stake in the Uruguayan flag carrier PLUNA to the government of the country, which now have full control over PLUNA. Reasons were the large debts of PLUNA, around US$ 300 million and the fact, that Leadgate could not raise the funds, which would have been used to continue the airlines operations while the government as owner of the remaining 25 percent could not find an agreement with Leadgate to rescue the undercapitalized airline while Leadgate would continue to hold it´s stake. Therefore Leadgate returned their stake and avoided the insolvency of the airline. The government hope to find an new investor for the ailing carrier.
Leadgate is an consortium of investors from Argentinia, Germany, Uruguay and the United States that was formed to overtake PLUNA in 2007. After the consortium had taken over 75 percent of the shares, the remaining 25 percent were still owned by the state, PLUNA started an modernization including the new CRJ900 fleet.
PLUNA, founded 75 years ago, is the flag carrier of the country. It primary operates with its fleet, which only consists of Bombardier CRJ900, scheduled services in neighboring counties.