Daily Management Review

Latin America's one of the largest airlines files for bankruptcy


Colombia's largest airline and Latin America's second largest airline, Avianca Holdings, filed for bankruptcy to begin the reorganization process in connection with the crisis caused by the novel coronavirus pandemic, the company said.

Alan Wilson
Alan Wilson
“On May 10, 2020, Avianca Holdings SA and a number of its subsidiaries and affiliates filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code... to preserve and reorganize Avianca's businesses while the company continues to be affected by the COVID-19 pandemic.” - the company said in a statement.

It is noted that the airline will continue to work and servicing customers to save jobs. In addition, Avianca is in talks with the Colombian government and key market representatives regarding financial assistance during the reorganization process.

source: ft.com