Colombian airline Avianca says it has ended its bankruptcy process by Reuters
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BOGOTA (Reuters) – Colombian airline Avianca said on Wednesday it had successfully completed its Chapter 11 bankruptcy process, a month after the US court approved its reorganization process.
“The previous conditions have been met today,” the airline said in a statement from Bogota. Avianca “has successfully come out of this process.”
Avianca, along with Chile’s LATAM Airlines (OTC 🙂 opponent, were the two largest carriers in the region before the coronavirus pandemic, but both were sent to a restructuring of bankruptcy when the virus disrupted air travel, particularly in drastic restrictions in Latin America.
Avianca suffered several years of losses before the pandemic began, and in 2019 suffered a board strike led by United Airlines.
The Southern District of New York approved a reorganization plan for the company in early November, a day before Avianca announced it would move its headquarters to Britain and its shares would not be traded on the Colombian stock exchange.
Once established in the United Kingdom, the company will be known as Avianca Group International Ltd. The current shareholders will not receive any payments or will be included as shareholders in the Avianca Group, the airline said.
(This story changes again from “airline” to “airline”)
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