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Thu, Aug 21, 2003

ACES Low

Colombia's Pride Grounded

Aerolineas Centrales de Colombia (ACES) is on the ground in Colombia, unable to pay the piper. The company's owners (shareholders) are thinking about selling it off, piece by piece, if necessary.

While an airline that is $30 million in debt may sound like less than a sneeze in the USA, where the taxpayers would be expected to bail it out, that's real money in Colombia.

To make matters worse, its biggest shareholder, the coffeegrowers federation, had a banner year -- and so did nearly everyone else who raises and harvests coffee. The result: low coffee prices, high harvest expenses. The Federacion Nacional won't be able to prop up the airline.

Last year, ACES and Colombia's once-number-one Avianca merged. In March, Avianca, $269 million in debt in the US, took its US subsidiary, Avianca Inc., into Chapter 11. At that time, ACES returned two of its Boeings to the leasing company.

Expect Lan Chile to make a move for the routes...

FMI: www.lanchile.com

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