U.S. Investor Steps In to Rescue Argentina’s Low-Cost Airline

Flybondi, Argentina’s first budget airline, has a new main owner. COC Global Enterprise, an investment fund based in the United States, recently bought a big share of the company.

This move comes after Flybondi faced months of serious problems, including many delayed and canceled flights. Flybondi started flying in 2018 and quickly became popular for its cheap tickets on local and some international routes.

The airline runs 13 Boeing 737-800 planes, but two are not in use because of maintenance issues. By June 2025, Flybondi’s share of Argentina’s domestic airline market had dropped to 19.4%.

Just a year before, it was 25.8%. Other airlines, like Aerolíneas Argentinas and JetSmart, took advantage of Flybondi’s troubles to gain more customers. The airline’s problems grew in late 2024, when it had to cancel 20% of its flights in one month.

The government asked Flybondi to explain how it would fix things. The airline struggled to get spare parts and had trouble paying for aircraft leases, partly because of Argentina’s strict rules on sending money abroad.

In one week alone, Flybondi canceled 154 flights, affecting thousands of p***engers. There were also not enough pilots and cabin crew, which made things worse.

Financial reports show that Flybondi made a profit of $43.2 million before taxes in the first half of 2024. But this did not make up for earlier losses: $101.8 million in 2023 and $19.2 million in 2022.

The airline owes $127 million as of June 2024. Because of these problems, Flybondi put its plans to list on the NASDAQ stock exchange on hold. COC Global Enterprise, led by Leonardo Scatturice, has experience running private flights and airport services in the United States.

The company plans to bring in new money, add more planes, and improve Flybondi’s flight schedule. The previous main owner, Cartesian Capital Group, will stay involved as a smaller partner.

Flybondi employs about 1,525 people. The new owners say they want to keep these jobs safe. They also want to win back customers by making flights more reliable.

Flybondi’s story shows how hard it is to run a low-cost airline in a country with economic problems and strict rules. The future of the airline depends on whether the new owners can fix its operations and finances while facing tough competition.