U.S. Court Upholds $391 Million Award Against Argentina Over Aerolíneas Expropriation

A U.S. appeals court has upheld an arbitration award requiring Argentina to pay approximately US$391 million over the 2008 nationalization of Aerolíneas Argentinas, according to court proceedings reported by local media.

The U.S. Court of Appeals for the District of Columbia rejected Argentina’s appeal, allowing investment fund Titan Consortium to continue efforts to enforce the award. Titan acquired the claim after the original arbitration, which stemmed from the expropriation of Aerolíneas Argentinas and Austral from Spain’s Marsans Group, was transferred from Burford Capital.

The award, originally issued by the International Centre for Settlement of Investment Disputes (ICSID), has remained unpaid for more than 16 months. The latest ruling could strengthen Titan’s ability to pursue Argentine assets abroad as it seeks to recover the judgment.

The decision comes as Aerolíneas Argentinas reports improved financial performance, posting an operating profit of US$112.7 million for 2025 as the Argentine government continues efforts to restructure the state-owned carrier ahead of a potential future privatization.