Argentina's government on Tuesday renationalized Aerolineas Argentinas, the country's flagship airline, almost 20 years after it was privatized.
Argentine President Cristina Fernandez de Kirchner said that the Spanish travel company Marsans has agreed to sell carrier and its subsidiary Austral to the government, but added that the price for the deal is yet to be finalized.
According to the agreement reached between Marsans and the Argentine government, the Spanish company is to transfer the two airlines to the government within 60 days. The two carriers account for about 85 percent of Argentina's domestic air traffic.
The airline was taken over by Marsans after it was declared bankrupt in 2001, but is still estimated to lose $1 million every day and has accumulated debts of over $900 million.
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