{"id":113869,"date":"2021-07-22T21:00:00","date_gmt":"2021-07-22T21:00:00","guid":{"rendered":"https:\/?p=113869"},"modified":"2021-07-23T11:32:04","modified_gmt":"2021-07-23T11:32:04","slug":"avianca-takes-new-step-its-process-to-emerge-from-bankruptcy","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2021\/07\/avianca-takes-new-step-its-process-to-emerge-from-bankruptcy.html","title":{"rendered":"Avianca takes new step its process to emerge from bankruptcy."},"content":{"rendered":"\n

Colombian airline Avianca <\/strong>obtained financial commitments for US$1.6 billion to finance its exit from Chapter 11 of the U.S. bankruptcy law as part of its reorganization, the company announced Thursday.<\/p>\n\n\n\n

See also: <\/em><\/strong>Avianca resumes direct route Bogot\u00e1-Asunci\u00f3n in September.<\/em><\/a><\/p>\n\n\n\n

“As a result of the continued support of its creditors, Avianca Holdings filed a motion with the Bankruptcy Court seeking approval of the terms of the commitment letter(s) of its $1.6 billion Chapter 11 exit financing,” the airline said in a statement.<\/p>\n\n\n\n

According to Avianca, these commitments will allow it to refinance the loan taken under debtor-in-possession (DIP), which allows a company to remain in possession of property on which a creditor has a security interest, and convert it into financing when the company exits Chapter 11, EFE reported.<\/p>\n\n\n\n

See also: <\/em><\/strong>Avianca started flights San Jos\u00e9-Miami and San Salvador-Ontario routes.<\/em><\/a><\/p>\n\n\n\n

“This step represents a key milestone in the restructuring plan the company will file in the coming months to successfully emerge from Chapter 11,” the company added.<\/p>\n\n\n\n

Avianca Holdings filed for U.S. bankruptcy protection in May 2020 to initiate a reorganization process due to the negative impact caused by the covid-19 pandemic on airlines.<\/p>\n\n\n\n

In October of the same year, a New York court gave the green light to its US$2 billion financing plan structured in two tranches.<\/p>\n\n\n\n

Regarding the commitment of US$1.6 billion secured, Avianca indicated that it includes a group of financiers and current DIP creditors for US$1.05 billion in loans, called new Tranche A-1, while the second, called new Tranche A-2, is for US$550 million from other financiers.<\/p>\n\n\n\n

Photo: Alan Wilson\/Wikimedia<\/a><\/p>\n\n\n\n

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