An investment company from Argentina bought most of Flybondi airline after the carrier faced serious money problems. Leonardo Scatturice leads COC Global Enterprise and completed the deal for the budget airline. Flybondi became Argentina's first low-cost carrier but struggled to pay its bills. The company owed $127 million and canceled hundreds of flights when El Palomar Airport closed during the pandemic. Aviation experts believe the purchase could bring back policies that helped cheaper airlines compete.
Scatturice has connections to American conservative politics and worked with Trump advisers. He organized a political conference where President Javier Milei spoke as the main guest. Argentine media linked him to spy activities during Cristina Kirchner's presidency before he moved to Panama and later the United States. His Miami company focuses on buying technology and aviation businesses across Latin America. COC wants to fix Flybondi's finances and keep all 1,525 workers employed.
The airline lost customers over the past year as competitors gained market share. Flybondi's passenger capacity fell from 343,000 seats monthly to 288,000 seats during a 12-month period. The carrier holds third place behind government-controlled Aerolíneas Argentinas and JetSmart airline. Market data shows Flybondi's share of domestic flights decreased from about 26 percent to 19 percent. COC plans to add new planes and create more flight routes across Argentina.
Scatturice has connections to American conservative politics and worked with Trump advisers. He organized a political conference where President Javier Milei spoke as the main guest. Argentine media linked him to spy activities during Cristina Kirchner's presidency before he moved to Panama and later the United States. His Miami company focuses on buying technology and aviation businesses across Latin America. COC wants to fix Flybondi's finances and keep all 1,525 workers employed.
The airline lost customers over the past year as competitors gained market share. Flybondi's passenger capacity fell from 343,000 seats monthly to 288,000 seats during a 12-month period. The carrier holds third place behind government-controlled Aerolíneas Argentinas and JetSmart airline. Market data shows Flybondi's share of domestic flights decreased from about 26 percent to 19 percent. COC plans to add new planes and create more flight routes across Argentina.
