Sol Líneas Aéreas (Rosario Islas Malvinas) has confirmed the termination of operations for good following the expiration of a March 31 deadline for it to find renewed investment.
After a meeting on Thursday with the Argentine Ministry of Labour, Employment and Social Security, the carrier said the decision was finally taken to put a definitive end to the carrier "because of the non-viability" of its business. The domestic carrier had relied heavily on a Capacity Purchase Agreement (CPA) with Aerolíneas Argentinas (AR, Buenos Aires Jorge Newbery) for its financial requirements. However, the agreement was abruptly ended in January by newly elected president Maurizio Macri's government.
Sol stressed that "this decision was taken despite multiple attempts to revive the business and maintain jobs, but these efforts were not fruitful."
Last ditch talks between the carrier and Bolivia's Amaszonas (Z8, La Paz El Alto) collapsed last week precipitating the move to liquidate the firm.
As such, preparations have been made to pay out the firm's 190 remaining employees.
Founded in 2006 by Transatlántica, Sol operated a fleet of two Saab 340As and two Saab 340Bs on scheduled flights throughout Argentina. As part of its turnaround plans, it last year managed to attract Air Nostrum (YW, Valencia Manises) as a strategic investor with the Spanish carrier pledging to re-equip Sol with CRJ200s. Air Nostrum withdrew following the termination of the CPA with Aerolineas in January.
