They do a crazyness, choose debt for finance a new comer Low Cost Airline. But they forget some basic lessons from finance: debt needs interest and must be paid one day, it's not a perpetual public issuance. With bad results (loads was never higher than 55%), the equipment choosed was not the best for the south of Brazil (Tam mainly uses F100 on northeast routes were they are very appreciated by customers), and they start to fly on routes where competition is strongly established like GRU
or without so much O&D market. And with 2 aircrafts they never could establish a hub or effective connections.
Also, Uruguay is well served with Pluna and some foreign carriers like Iberia, AA
The store in Sao Paulo Downtown has been closed after several months of rent delay.