Argentinean airline, Aerolineas Argentinas, has been granted yet another chance to come up with a plan to save itself from bankruptcy by its Spanish owner, Sociedad Estatal de Participaciones (SEPI). Shareholders in the troubled company, including SEPI (85%), trade unions (10%) and the Argentinean government (5%), were due to meet last week to discuss how to reduce its $874 million debts, but the meeting has now been put back to October 15.

Unions were keen on the postponement as it buys them some time to come up with an alternative to SEPI's plan to drastically cut costs, which involves a substantial loss of jobs. The unions and the government have seen this as unacceptable, and have suggested that up to $600 million could be raised to save the airline through bridge financing and $300 million of convertible bonds.

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