LATAM: Government wants to hurt our Argentina business

08/22/2013 | Star Tribune (Minneapolis-St. Paul, Minn.)

On Tuesday, the Argentinian government gave an eviction notice to LAN Argentina, a LATAM subsidiary. The carrier has until the end of the month to leave its hangar at Buenos Aires airport. "We understand that this isn't an isolated action, but yet another in a growing number of actions taken against our company aimed at damaging our operations in Argentina," LATAM Vice President Enrique Cueto wrote to Chile's securities regulator. LATAM had a $330 million quarterly loss mostly due to currency fluctuations in Brazil, and the company incurred a $1 million fine from Canada. "This has been a perfect storm because it's all coming together to give the company poor results," said Jorge Sepulveda, a EuroAmerica brokerage analyst.

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Star Tribune (Minneapolis-St. Paul, Minn.)

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