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VIASAVenezolana Internacional de Aviación S.A (national airline of Venezuela)
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The final chapter deviates from this approach in offering an analysis of Iberia's failed attempt to develop into a truly multinational company through shareholding interests in Aerolmeas Argentinas, the Chilean carrier LADECO and Viasa in the early 1990s.
(1) VIASA, the airline company, was liquidated, as previously mentioned, but the Chavez government in effect revived the company by founding a new airline called CONVIASA.
The Spanish carrier embarked on expensive Latin American acquisitions in the early 1990s, buying stakes in Venezuela's Viasa and Argentina's Aerolineas Argentinas which brought it huge losses in subsequent years.
In 1996, Venezuelan officials liquidated their national carrier VIASA rather than continue public support to the money-losing company.(9)
With [Venezuela's] Viasa going down, we're hoping to get more destinations," Posada said, adding, "We will place the airline with the best strategic partner.
* The Iberian Alliance, grouping Iberia of Spain, Aerolineas Argentinas, TAP of Portugal and Viasa of Venezuela.
Among major deals: in 1991, leading a team that sold a controlling interest in the Venezuelan airline Viasa to an Iberian Airlines-led group for $145 million; two years earlier he led a group that helped Iberian Airlines buy Aerolinas Argentina for $500 million and in another deal provided $150 million in project financing for Texaco and California Edison.
The offices of the Spanish airline Iberia in Caracas, Venezuela were raided by Venezuelan authorities yesterday (23 November) as a part of an investigation into fraud at Viasa, a defunct Venezuelan airline.
In the airline industry, government-owned carriers like Aerolineas Argentinas, Viasa and Air Panama were privatized or went out of business.