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Avianca Files Motion For Approval By U.S. Court Of About $2 Billion In Debtor-In-Possession Financing
Avianca Holdings Says It Expects To File DIP Motion With US Bankruptcy Court In Coming Week
Avianca Holdings Says Provided Update On Co’S Chapter 11 Reorganization Process
Avianca Holdings SA is a Panama-based company engaged, through its subsidiaries, in the provision of air transportation services for passengers and commercial purposes. The Company was originally established as a strategic alliance between Aerovias del Continente Americano SA (AVIANCA) and Grupo TACA Holdings Limited (GTH), and it mainly operates in North, Central and South America, the Caribbean and Europe. In addition, through codeshare agreements, the Company is active in the operation of other international passenger air routes. As of December 31, 2011, the Company owned such subsidiaries as Latin Airways Corporation and LifeMiles Corporation, among others. On December 28, 2012, the merger of subsidiaries Latin Airways Corporation, as absorbing company, with Synergy Ocean Air Colombia SAS and Soac 2 SAS was formalized. On June 18, 2013, the Company received the first out of 15 ATR 72-600, a turbo-propelled aircraft from ATR, a company engaged in regional aircraft.
Aquilino de la Guardia Calle No. 8
Roberto Jose Kriete
Chairman of the Board
Anko Van der Werff
Chief Executive Officer
Chief Financial Officer
Chief Executive Officer of LifeMiles Ltd.
Chief Operating Officer
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Net losses at airline Avianca Holdings increased 22% to $1.09 billion in 2020, due to the near-paralysis of global air travel because of COVID-19, the company said on Monday.
Avianca Holdings' <AVT_p.CN> third-quarter net loss widened significantly following a substantial fall in income due to the impact of the coronavirus pandemic, the Colombian flagship airline reported.
Avianca Holdings said on Thursday it has won the support of a large number of institutional investors and existing lenders, meaning it will no longer need the Colombian government's participation as part of its restructuring process.
Avianca Holdings and 450 pilots from the Colombian Association of Civil Aviators (ACDAC) reached an agreement on Wednesday that cuts worker pay but delivers job security for the next four years.
Colombian airline Avianca Holdings <AVT_p.CN> said on Monday that a U.S. bankruptcy court approved a proposed financing plan of over $2 billion to help the carrier exit Chapter 11 restructuring.
Airline Avianca Holdings <AVT_p.CN> came under broad criticism in Colombia for paying its top two executives $6 million in bonuses in May, at a time when the carrier had furloughed most of its employees without pay and was preparing a bankruptcy filing.
Avianca Holdings on Tuesday said it had appealed a court order that last week banned Colombia's government from providing the troubled airline with a $370 million loan to finance part of its bankruptcy restructuring.
A Colombian court has ordered government loans worth $370 million made to Avianca Holdings under U.S. Chapter 11 bankruptcy laws be temporarily withheld, until the airline guarantees it will be able to repay the money.
Colombia's government said on Saturday it will extend up to $370 million in loans to Avianca <AVT_p.CN>, amid the airline's Chapter 11 bankruptcy protection process in the United States.
German Efromovich, a majority shareholder of Avianca Holdings <AVT_p.CN>, said on Friday he is innocent of alleged corruption under investigation by Brazilian prosecutors and hopes to win back control of the Colombian airline.
The majority shareholders of Colombia's Avianca Holdings, brothers German and Jose Efromovich, were arrested in Brazil by the country's federal police on Wednesday as part of the sprawling Car Wash corruption probe, authorities said.
Latin America's No. 2 carrier Avianca Holdings <AVT_p.CN> reported a $121 million loss for the first quarter late on Monday, accounting for just two weeks of severe impact from the coronavirus crisis.
Passenger revenue at Latin America's No. 2 airline, Avianca Holdings <AVT_p.CN>, has fallen 51% for the year as of early June compared with a year ago, the carrier said, in a look into the dire financial toll that the coronavirus has taken on the company.
Avianca Holdings had known since late March that the Colombian airline's cash pile would only cover a few months of expenses while its entire fleet sat grounded because of aggressive anti-coronavirus lockdowns.
Shares of Avianca Holdings Inc <AVT_p.CN> fell sharply on the Bogota stock exchange on Tuesday after a New York court approved initial motions in the Colombia-based airline's bankruptcy case.
Share prices for Colombia-based airline Avianca were down 55.6% to 200 pesos ($0.05) per share at the start of trading on Tuesday, two days after the company filed for bankruptcy. The airline filed on Sunday after failing to meet a bond payment deadline and as its pleas...
Oil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses.
By Marcelo Rochabrun, Devika Krishna Kumar and Nelson Bocanegra
* AVIANCA HOLDINGS INITIATES VOLUNTARY REORGANIZATION PROCEEDINGS
There is "substantial doubt" about Avianca Holdings' <AVT_p.CN> ability to stay in business due to the coronavirus crisis, the Colombian airline reported on Thursday, citing the conclusion of its financial auditors.
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