 In early , PLUNA's then CEO, Matías Campiani, disclosed that the airline might face collapse amid a financial distress that led to a loss of  million for the eight months ending in February the same year, partly due to the protectionism of the government of Argentina —where the carrier concentrated 21% of its operations— following the renationalisation of Aerolíneas Argentinas in 2008, and partly due to the slowdown of the Brazilian economy in the preceding months.Later on, with losses totalling  million, Leadgate disposed of their 75% stake in the airline, transferring it back to the Uruguayan government.By that time, that percentage of PLUNA's stock was owned by LARAH, which was in turn 75% owned by Leadgate and 25% by Jazz Air.