Posted on: 30 April 2010
Jazz Air Income Fund has completed its $15 million investment in Latin American Regional Aviation Holding Corporation (LARAH) in return for a 33-and-one-third-percent non-voting equity interest in the company.
LARAH holds an indirect 75% equity interest in Pluna Lineas Aéreas Uruguayas. The remaining 25% equity interest in Pluna is held, indirectly, by the Government of Uruguay.
Jazz’s $15 million investment, together with an additional $5 million to be invested by the Government of Uruguay, will be used by Pluna to complete the business restructuring and to fund growth. As a result of the Canadian carrier’s investment, Jazz Air president and CEO Joe Randell has been appointed as one of the seven member board of directors of Pluna.