Avianca has efficiently accomplished a monetary restructuring course of and emerged from Chapter 11 chapter safety.
Officers declare the service is now extra environment friendly and financially stronger, with considerably decreased debt and over $1 billion in liquidity.
Rohit Philip, chief monetary officer of Avianca, mentioned: “This is a crucial day for Avianca and all of our stakeholders.
“We’re happy to be rising efficiently from this course of, with Avianca in a stronger monetary place to proceed serving our clients and flying the skies for a few years to come back.
“We stay up for persevering with to execute on our new enterprise imaginative and prescient and capitalizing on the restoration in journey demand to drive our future success.”
The service initially sought to restructure its operations in May final 12 months, in the course of the early levels of the Covid-19 pandemic.
Adrian Neuhauser, chief govt of Avianca, mentioned: “We stay up for the corporate’s future success as we proceed constructing upon Avianca’s wealthy historical past throughout Latin America and internationally.
“We admire the help of our loyal clients, companions and lenders all through this course of.
“I’d additionally prefer to thank our devoted workers for his or her dedication to offering uninterrupted service to our clients and whose laborious work enabled us to finish this course of effectively.
“I’m assured that we’re well-positioned to be a extremely aggressive and profitable service.”
As per the accredited plan of reorganisation, the brand new shareholders will spend money on Avianca Group Worldwide Restricted, a brand new holding firm to be domiciled in the UK.
The brand new entity will consolidate the group’s investments in all subsidiaries.
This contains Aerovias del Continente Americano, the Colombian subsidiary, and TACA Worldwide, the Central American operation.
The prior holding firm, Avianca Holdings was domiciled in Panama.
