Avianca Succumbs to Covid-19, Files for Bankruptcy

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5/11/2020

Avianca has succumbs into the cost that covid-19 has caused to most airlines as less people are traveling most airlines do get enough money from flights to continue running as it shows Avianca files Bankruptcy protection in New York District Court, The second-largest airline in Latin America, Avianca may had begun to see CEO Anko Van der Werff’s restructuring efforts.

Following the cancellation of unprofitable routes and the sale of inefficient aircraft and subsidiaries last year. All told, Avianca re-profiled more than $4.5 billion of lease and debt obligations to ensure liquidity. “The Avianca 2021 Plan represents the foundation for Avianca’s future. Now, as its more than 140 airplanes sit grounded under the Colombian government’s orders, the airline will again need to restructure its balance sheets to emerge from Chapter 11 bankruptcy protection.

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p.s CommonAviator

Hi there! Already covered yesterday in the post below. Continue below as this topic is a duplicate of something already reported. :)

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