On Thursday, October 16th, two Boeing 747s owned by Aerolíneas Argentinas S.A., Argentina’s largest airline, were seized pursuant to an attachment ordered by a Federal Commercial Court on September 3, 2003. In dramatic fashion, leading to widespread local media coverage, the two planes were seized shortly before takeoff while sitting on the ground at the Ezeiza International Airport, airport serving Buenos Aires. The ordered attachment had been requested by Banco Español de Crédito S.A. in aid of a judgment to collect a U.S.$42.0 million secured claim owed to it by the airline company. Negri, Teijeiro & Incera represented Banco Español de Crédito in the action.
Since June 22, 2001, when it filed for insolvency protection, Aerolíneas Argentinas has been involved in a complex and protracted reorganization process.
Negri, Teijeiro & Incera’s team was led by partners Luis M. Incera and Carlos M. Farina and senior associate César J. Matos.