That's in part because Alto Parana has invested $800 million back into Argentina, Lerer says.
In Argentina, there was tussling over power plants that failed.
Aerolineas Argentinas Airlines officially stated its interest in buying a controlling stake in Pluna with the aim of consolidating its presence in the region.
Aerolineas Argentinas is not the only company interested in Pluna.
Unlike in Europe or the United States, where the boring business of providing drinking water normally fields returns of around 7%, from 1994 to 2000 Aguas Argentinas boasted average annual margins of 19.
I want the president of Aguas Argentinas to spend just one week sleeping here," Perez yells, slamming a front door that won't shut because it's too engorged with water.
The Spanish management of Aerolineas Argentinas and its hard-line unions have continued hammering at rescue plans, but there may be little of the carrier left to save when the dust clears.
Our people feel that what is happening to Aerolineas Argentinas is similar to what is happening to the country," says Victor de Gennaro, head of the Confederation of Argentine Workers.
For the 11 foreign automobile and truck manufacturers with operations here, Argentina has become synonymous with one huge transmission failure.
For almost half of the first quarter last year, the plant was vacant and we were all wondering how we were going to survive," Ford Argentina President Francisco Codina recalls.
Instead of buying into Aerolineas Argentinas, LanChile could also do what it did in Peru, starting up a LanArgentina.
It has built a new Miami warehouse and started a joint venture for cargo with Aerolineas Argentinas.