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Avianca trouble...

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Avianca trouble...

Old 10th May 2020, 18:03
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Avianca trouble...

All the best for our aviation colleagues...

https://www.reuters.com/article/avianca-holding-bankruptcy-idUSFWN2CQ1G1?fbclid=IwAR3qUJcT3Eh0SBmpAm42bzoYbbLu58vRthkoO B0qC_rpqV3EOHkeMWu14UY
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Old 10th May 2020, 18:06
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Bonds News
May 10, 2020 / 1:04 PM / Updated an hour ago

Colombia's Avianca files for bankruptcy

May 10 (Reuters) - Colombian airline Avianca Inc filed for Chapter 11 bankruptcy on Sunday after saying last month there is “substantial doubt” about its ability to stay in business due to the coronavirus crisis.

Avianca, Latin America’s second-largest airline, estimated liabilities between $1 billion to $10 billion in a filing with the U.S. Bankruptcy Court for the Southern District of New York. (Reporting by Devika Krishna Kumar in New York; Editing by Daniel Wallis)
https://www.reuters.com/article/avia...-idUSFWN2CQ1G1
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Old 11th May 2020, 15:30
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I am probably being thick, but why is a Colombian airline filing for bankruptcyin New York?
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Old 11th May 2020, 15:35
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Originally Posted by Life of Leisure View Post
I am probably being thick, but why is a Colombian airline filing for bankruptcyin New York?
Beacause the holding company is incorporated in the USA - Delaware IIRC.
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Old 11th May 2020, 16:22
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Not Avianca's first rodeo in Chapter 11:

On March 21, 2003, Avianca Airlines filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code in bankruptcy court in New York City. Avianca emerged from Chapter 11 on December 10, 2004, as a reorganized company, adequately capitalized and with a cost structure that the Company projected could be sustained well into the future. Thus began and ended the story of one of the most remarkable bankruptcy cases in United States history.
https://www.sgrlaw.com/ttl-articles/872/
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Old 12th May 2020, 11:18
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Thanks Airbubba. That was a fascinating article.
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