Avianca Holdings S.A. (AVH)
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Latin American airline Avianca Holdings SA (OTC: AVHOQ) is seeking court approval for financing that totals about $2 billion.
Avianca Holdings S.A. Issues Statement on Government of Colombia Financing Commitment and Colombian Court Injunction2020-09-12 18:02
BOGOTA, Colombia, Sept. 12, 2020 /PRNewswire/ -- Avianca Holdings S.A.
Colombia Bails Out Avianca Airlines, Revives Airport Operator Sureste's Bull Case
Avianca Holdings S.A. Issues Statement on Debtor-in-Possession Financing and Government of Colombia Financing Commitment2020-08-30 08:45
BOGOTA, Colombia, Aug. 30, 2020 /PRNewswire/ -- Avianca Holdings S.A. (OTCMKTS: AVHOQ, BVC: PFAVH) (the "Company" or "Avianca") today issued a statement regarding the Company's expected debtor-in-possession ("DIP") financing, following the announcement by the Republic of Colombia's Ministerio de Hacienda y Credito Público (the Finance Ministry) that the management committee of the country's Fondo de Mitigación de Emergencias ("FOME", the Emergency Mitigation Fund) had approved the government's participation in Avianca's DIP financing, through a commitment of up to US$ 370 million in the proposed loan structure, side by side with private market investors.
German Efromovich, a majority shareholder of Avianca Holdings , said on Friday he is innocent of alleged corruption under investigation by Brazilian prosecutors and hopes to win back control of the Colombian airline.
Some Latin American Airlines are using bankruptcy as a way to restructure their business, Used effectively, this could make the Latin airline industry stronger and more resilient.
Bankrupt LATAM Airlines and Avianca Holdings are dramatically retrenching their once grand ambitions amid the COVID-19 pandemic, reducing competition in Latin America as they mull once-unthinkable cooperation with rivals.
Passenger revenue at Latin America's No. 2 airline, Avianca Holdings , 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.
LATAM Airlines and Avianca Holdings survived the Great Depression, but just a few weeks of quarantines forced both companies into bankruptcy, marking Latin America as the world's top spot for airline financial ruin.
A U.S. federal court on Monday agreed on an interim basis to Avianca Holdings SA's (NYSE: AVH) initial motions to voluntarily reorganize under court-supervised bankruptcy protection.