Saturday , October 24 2020

Avianca seeks bankruptcy approval of $2b financing


Avianca Holdings SA, the Latin American airline that filed for Chapter 11 bankruptcy protection in May, is now seeking court approval for financing totaling about $2 billion.
The company secured commitments for the debtor-in-possession financing and has filed a motion to approve it in the US Bankruptcy Court for the Southern District of New York.
“Securing these financing commitments is another concrete step forward in our Chapter 11 reorganisation process,” said Anko van der Werff, chief executive officer in a statement.
The Covid-19 pandemic has devastated the global travel industry, forcing airlines to
suspend flights, lay off employees and seek financial help from governments and investors.

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