Who owns lan chile

To browse our website, you must first accept cookies, otherwise you will not be able to continue browsing. A and Multiplus S. This partnership has created one of the biggest Latin American airline groups in the world in terms of network connections, providing air services to around destinations in 25 countries, operating more than 1, flights a day and transporting 67 million passengers a year.

With one of the youngest and most modern fleets in the world aircraft are an average of less than 7 years old , the LATAM Airlines Group has aircraft, including the Boeing , Airbus A, A and A neo, all of which are the most modern in their class. With its headquarters in Sao Paulo, the company began operating regular services and soon became the largest airline in Latin America. In the airline joined the Oneworld alliance, giving it a global reach, and in the same year, upgraded its fleet with 27 new Airbus aircraft.

During the 90s, the Chilean carrier expanded, and by the turn of the century, it entered the one world alliance. Five pilots founded this new carrier in January and originally had four Cessa and one Cessna as is entire fleet. It started its operations with the first commercial airplane of Embraer, the EMB By that time, Brazil had a long history of air travel services.

The first airline to appear in the South American giant was called Varig. Both had German origins and were even linked to the first Deutsche Lufthansa. Meanwhile, TAM had a long road ahead. The preferential exchange rate that had kept LAN afloat during the Allende years was abolished, forcing the carrier into debt.

It halved its work force again but was left with considerable severance payments. The government's new "open skies" policy exposed LAN Chile to unprecedented competition beginning in Before deregulation, LAN Chile had a 70 to 80 percent share. LAN was still hindered by government bureaucracy. It could take months to gain permission to buy an aircraft. It also was stuck with extremely generous pilot contracts. The airline was virtually bankrupt. Drastic action was necessary.

A new LAN was started up, free of old debts and labor agreements. Employment was halved; many former workers became suppliers on a contractual basis. Management also was restructured. Lan Chile moved quickly to regain market share. It invested in new Boeing s and increased its routes and flight frequencies, particularly to the United States and Argentina. It controlled nearly half the domestic market in Meanwhile, its rival, LADECO, had declared bankruptcy, been taken over by the state, and then again transferred to private owners.

The idea of privatizing Lan Chile also had begun to take shape. Originally, the Pinochet government had considered selling about 30 percent of Lan Chile to private investors.

It first sold about 16 percent at a low share price to LAN's workers in A subsequent offering of It did not finalize the deal to become the largest stockholder, however, until a few days after President Patricio Aylwin took office in December Employment rose 50 percent as well. The result was a disaster. The Persian Gulf crisis drove up the price of jet fuel, a major expenditure for any airline. By the end of , SAS had ousted Carey and set about attempting to unload as many planes as it could.

The Cueto family, which owned cargo carrier Fast Air, gained a controlling share of Lan Chile in , with Enrique Cueto becoming chief executive. Cueto, former CEO at Fast Air, surrounded himself with the best managers he could find and set out to renegotiate the carrier's aircraft leases some with "outrageous terms".

In the future, the airline would prefer to own more of its planes. Standardization of the long-range fleet around the Boeing was a priority. The cargo sector provided the most immediate opportunities, and the passenger market grew rapidly in the next few years. The next year, after some sophisticated antitrust maneuvering, Lan Chile also took over the next largest airline in Chile, LADECO, which operated about 20 airliners at the time of the takeover.

One condition of the purchase was that the carriers continue to operate separately. LanChile as it was dubbed by then was reorganized in April , floating some 30 percent of its shares on the local stock market.