EWL, news from "TheDeal.com:
"Aerocontinente SA, Peru's largest commercial airline, has hopes of being the savior of bankrupt Aerol'neas Argentinas SA.
On July 12, Aerocontinente presented a $100 million bid, which would include the assumption of $900 million in debt, to take over Argentina's flagship air carrier, which is majority held by Spain's state-owned Sociedad de Participaciones Estatales, or SEPI.
Lima-based Aerocontinente is the fourth entity to express an interest in buying the struggling carrier since SEPI began seeking a buyer in recent months but the first to present a formal financial bid.
"We are very interested in buying Aerolineas," said a Aerocontinente spokesman, who spoke on condition of anonymity. "We are the first one's to make an actual price offer for the airline."
He said the Peruvian company hopes to begin negotiations with SEPI by July 23, the day Aerolinea's shareholders will vote on whether to continue restructuring the carrier or liquidate it.
The spokesman said Aerocontinente, which is owned by Peru's Cevallos family, would also assume all of Aerolinea's debt, which it would amortize in 10 years. As part of a package sale, Aerocontinente would also buy regional airline Austral, which also belongs to the SEPI.
Aerocontinente was scheduled to outline the details of its offer for Aerolineas in Buenos Aires late Thursday.
Madrid-based SEPI, which owns 91.7% of the Argentine airline, wouldn't comment on Aerocontinente's proposal. A spokeswoman for Aerolineas also did not comment.
Aerolinea's routes in Europe, Australia and America would represent valuable assets for Aerocontinente, which is eager to expand its international flights.
"Their routes are interesting and would allow us to continue growing," the spokesman said. Aerocontinente boasts 67% of Peru's airline market, ahead of Peruvian state-owned Tans SA, and Lan Peru.
Argentina's airport-management company, Grupo Eurnekian, and financial conglomerate Grupo Pellegrini are two of the companies that have expressed an interest in buying Aerolineas. Spain's charter air group, Grupo Marsans, has also said it could buy the carrier. "