{"id":108468,"date":"2021-04-16T11:47:59","date_gmt":"2021-04-16T11:47:59","guid":{"rendered":"https:\/?p=108468"},"modified":"2021-04-16T11:48:02","modified_gmt":"2021-04-16T11:48:02","slug":"avianca-airline-bankruptcy","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2021\/04\/avianca-airline-bankruptcy.html","title":{"rendered":"Avianca expects emerge from bankruptcy this year."},"content":{"rendered":"\n

Avianca Holdings <\/strong>announced that it expects to emerge from its restructuring process under Chapter 11 of the U.S. Bankruptcy Law this year and that it will refinance part of its debt in shares.<\/p>\n\n\n\n

See also: <\/em><\/strong>Avianca resumes 10 routes and will start direct flights Cartagena-San Andres.<\/em><\/a><\/p>\n\n\n\n

During the financial restructuring process under Chapter 11 of the U.S. Bankruptcy Law, Avianca received more than 2 billion in new financing, which it reported would be refinanced.<\/p>\n\n\n\n

“Avianca expects to emerge from the Chapter 11 process during 2021. As part of this process, Avianca plans to obtain exit financing for $1.8 billion (corresponding to debt and equity) to refinance approximately $1.4 billion,” the company said in a communication to the Colombian Financial Superintendence.<\/p>\n\n\n\n

See also: <\/em><\/strong>Avianca offer direct flights between Medellin and Cancun starting in July.<\/em><\/a><\/p>\n\n\n\n

Colombia’s flagship airline said it will also provide US$400 million in incremental liquidity to meet its goal of having US$1 billion in available liquidity at the time of Chapter 11 exit, According to Reuters.<\/p>\n\n\n\n

Under the plan, Avianca would convert $902 million of that debt into equity and raise new funds to replace the remaining debt, which would include new equity.<\/p>\n\n\n\n

Avianca also said it has made significant progress in its fleet simplification and cost reduction program, which it believes will result in an overall reduction of more than US$2 billion in debt related to its aircraft and leases during the period from March 2020 to December 31, 2022.<\/p>\n\n\n\n

By Luis Jaime Acosta, edited by Nelson Bocanegra.<\/p>\n\n\n\n

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