Appeals Court revokes Correo Argentino bankruptcy

An Argentine commercial appeals court has revoked the bankruptcy status of former postal service operator Correo Argentino, reversing a ruling that was first handed down in December. In a Tuesday filing to the local stock exchange, Correo Argentino’s parent company, Sideco Americana (SDA.YY), said the courts ruled in favor of appeals requested by Correo Argentino, the International Finance Corporation and the Inter-American Development Bank. The IFC is the private equity arm of the World Bank and a shareholder in Correo Argentino, as is Banco de Galicia y Buenos Aires SA (GALI.BA), the country’s oldest and largest private bank. Sideco Americana, whose other holdings in Argentina include public service and infrastructure concerns, said Tuesday it hadn’t yet notified Correo Argentino of the court ruling. Correo Argentino had been declared bankrupt in December