Argentine Judge Suspends Sale of Airline: Administrative...

Argentine Judge Suspends Sale of Airline: Administrative Law Judge Oscar Garzon Funes suspended the sale of the state-owned airline Aerolineas Argentinas to Iberia of Spain because the proposed buyers made the down payment by letter of credit instead of cash. Funes gave the Public Works Ministry eight days to explain why it accepted the letter of credit, after which he said he would decide whether to annul the sale. A consortium led by Spain’s state airline Iberia agreed in July to buy 85% of Aerolineas for $260 million and the retirement of $2 billion of Argentina’s foreign debt.