COC Global Enterprise acquires majority stake in troubled Flybondi

In June 2025, COC Global Enterprise, led by Argentine businessman Leonardo Scatturice, completed its acquisition of Flybondi, marking a significant turning point for Argentina's first low-cost airline. This move comes in the wake of financial challenges faced by Flybondi, which had suffered from repeated delays and mass cancellations, exacerbated by the closure of El Palomar Airport during the COVID-19 pandemic. The airline's financial struggles became evident when it canceled 384 flights in a single month due to difficulties meeting aircraft leasing payments. Despite these challenges, analysts view the acquisition as a positive development for the Argentine air travel market. The rescue is seen as an opportunity to revive the "open skies" policy that enabled low-cost carriers to thrive between 2016 and 2019. This policy expanded competition in the aviation sector and improved domestic flight options for travelers. Recently, Argentine President Javier Milei has shown support for reinstating similar policies to bolster the domestic airline market, an indication of the government’s willingness to facilitate growth in this sector. Leonardo Scatturice's venture into the aviation sector has drawn scrutiny due to an investigation revealing connections between him and agents from the State Intelligence Secretariat regarding commercial intelligence operations. Following the investigation's revelations, Scatturice relocated to Panama, where he had already registered multiple offshore companies since 2012, and subsequently moved to the United States in 2020. His activities in the U.S. conservative movement have gained attention, particularly since he co-organized a Conservative Political Action Conference event in Argentina, where President Milei was the keynote speaker, and helped facilitate a meeting between Milei and former President Donald Trump in February 2025. COC Global Enterprise aims to stabilize Flybondi's finances, retain its workforce of 1,525 employees, and expand its fleet and route network. Despite these efforts, the airline's market share has seen a decline from 25.8% in June 2024 to 19.4% in June 2025, now ranking third in the domestic market behind Aerolíneas Argentinas and JetSmart. The reduction in seat capacity underscores the operational hurdles Flybondi must overcome to regain its competitive edge in the recovering aviation market.