Issue Summary

An argument can be made that South America is a laboratory for airline industry innovation. This is due in part to more liberal ownership and control laws in the region than in many other parts of the world. About a decade ago, the airlines that became Avianca and Latam showed the world what transnational mergers could look like. And now enter Abra, a holding company that knits together Avianca, Gol, Viva, and Sky, in a sort-of merger that spans almost the entire continent. Unlike the earlier wave of consolidation that created Avianca and Latam, Abra's airlines would continue to operate…