Avianca has successfully finished a economical restructuring course of action and emerged from Chapter 11 bankruptcy defense.
Officers claim the provider is now a lot more effective and fiscally stronger, with appreciably diminished debt and about $1 billion in liquidity.
Rohit Philip, main fiscal officer of Avianca, explained: “This is an important working day for Avianca and all of our stakeholders.
“We are happy to be rising correctly from this system, with Avianca in a more powerful monetary posture to carry on serving our buyers and flying the skies for quite a few decades to occur.
“We glance forward to continuing to execute on our new business vision and capitalizing on the recovery in journey demand to generate our future achievements.”
The carrier originally sought to restructure its operations in Might final year, during the early stages of the Covid-19 pandemic.
Adrian Neuhauser, chief govt of Avianca, stated: “We appear forward to the company’s foreseeable future achievement as we go on developing upon Avianca’s abundant historical past throughout Latin The us and internationally.
“We respect the assist of our loyal prospects, companions and creditors during this procedure.
“I would also like to thank our committed personnel for their dedication to furnishing uninterrupted support to our customers and whose difficult do the job enabled us to complete this approach competently.
“I am assured that we are nicely-positioned to be a hugely aggressive and profitable provider.”
As for every the authorized approach of reorganisation, the new shareholders will spend in Avianca Team Intercontinental Restricted, a new holding company to be domiciled in the United Kingdom.
The new entity will consolidate the group’s investments in all subsidiaries.
This features Aerovias del Continente Americano, the Colombian subsidiary, and TACA Intercontinental, the Central American operation.
The prior holding business, Avianca Holdings was domiciled in Panama.