" />

Private Equity Executive to Be Released From Uruguay Prison

After languishing in prison for more than a year without facing charges, a private equity executive who once controlled Uruguay’s national airline will be released, the country’s Supreme Court announced on Thursday. The release of Matías Campiani comes a week after The New York Times published an article about his case.

Mr. Campiani was chief executive of Leadgate, a private equity firm that in 2007 took control of the airline, Pluna.

Along with his partners, Arturo Álvarez-Demalde and Sebastián Hirsch, Mr. Campiani worked to turn around Pluna, opening new routes and buying new planes.

But after a promising start to the investment, a series of misfortunes — including an erupting volcano, a new president who was unsympathetic and troubles with unions — forced Mr. Campiani and his partners to return Pluna to the government for a loss in 2012. The executives also closed their firm.

...

New York Times By David Gelles and Charles Newberry

Full article.