A U.S. court ruled against Argentina on Tuesday in a case about the expropriation of the country’s flag carrier, Aerolíneas Argentinas, which took place in 2008.

The Columbia district court allowed the World Bank’s ICSID (International Centre for Settlement of Investment Disputes) to enforce a debt owed by the Argentine government to a group of Spanish companies for US$340 million. The rights to collect the debt were bought by a hedge fund, Titan Consortium.

A source in Argentina’s Treasury Attorney’s Office said that the ruling does not seem to be appealable, but added that the office would consult its international legal team over the coming days to define the next steps.

In late 2001, three companies in the Spanish Marsans group took over airlines........

© Buenos Aires Herald