Haven't heard anything as such, except a rumour that they would suspend all flights except for charter some time in the near future. On the other hand, I read in various sources that LAN Chile was/is going to buy the airline. IF
they have gone under, I'd say it was because of their route network. They flew to Iguazu, Salta, Tucuman, Bariloche, Madryn, Parana, Ushuaia and Uruguay, but they failed to snap up the lucrative routes of Mar del Plata, Cordoba, Mendoza, which is really the heartland of both AR
-LAFSA. I know they have just 4 planes in
service (one F28 is undergoing a D-Check), but I think they were not flying them nearly enough if they wanted to be competitive. That said, when I flew with them last year, they had very good service and they struck me as a straightforward airline. If I see their fleet parked at AEP
I'll let you know.