There is a growing activity in the aviation sector. The past 10th of December, the Board of Directors of Delta Airlines Inc. revealed their plans of expansion towards Central and South America, including Colombian cities. It has been mentioned that Delta Airlines Inc. wishes to execute an agreement with a Colombian airline company.
Also in past days the alliance of "Codes Share" between Avianca and American Airlines was formalized.
Additionally, the Colombian airline "Aces", which is currently in conversations with different interested parties, informed its preference for selling its shares to a strategic investor. Continental Airlines, who recently reached an agreement to share transportation services and miles prizes with Aces, has publicly expressed its special interest in reaching an agreement to acquire those shares.
Regarding the processes for the privatization of the operation and maintenance of Colombian airports, it has been known that the next airports to be awarded will be Palmira (which serves the city of Cali) and Rionegro and Olaya Herera (which serve the city of Medellin). Authorities expect to initiate the privatization processes by the middle of the year.
Following the recommendations of the CONPES, from now on, it would not be necessary for national firms to associate with experimented operators. Local firms will only need to hire operators for a five year technical assistance agreement. The term of the concession, which will be governed by a BOT scheme, is being evaluated.
Prepared by Alejandro Linares and Julian Santos from Gomez Pinzon & Asociados, Bogota, Colombia.
The content of this article is intended to provide a general guide but specialist advice should be sought about your specific circumstances.
GOMEZ PINZON & ASOCIADOS
Carrera 9 No. 73-24 Pisos 1,2,3 y 5
Santafe de Bogota, Colombia
Telephone : 571- 3107055/ 5066
Facsimile : 571- 3106646/6657
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The offshore funds market is growing rapidly and the Cayman Islands ("Cayman"), the British Virgin Islands ("BVI") and Bermuda have become the pre-eminent jurisdictions for the establishment of investment funds.
The concept of trust has been put into practice in the ordinances of several Latin American countries and more and more this type of instrument, which allows an infinite number of modalities arising from inter vivos or mortis causa contracts (eg. inheritances), is being utilized. It allows greater versatility in contractual relationships.
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