Avianca Holdings SA , Latin America's second-largest airline, filed for Chapter 11 bankruptcy on Sunday, as a bond payment deadline loomed and after unsuccessfully pursuing emergency aid from Colombia's government to survive the coronavirus crisis.
), Latin America’s second-largest airline, filed for Chapter 11 bankruptcy on Sunday, as a bond payment deadline loomed and after unsuccessfully pursuing emergency aid from Colombia’s government to survive the coronavirus crisis.
“Avianca is facing the most challenging crisis in our 100-year history,” CEO Anko van der Werff said in a press release. Efromovich grew the airline aggressively but also saddled the carrier with significant debt. Efromovich was ousted from the airline last year in a board-room coup orchestrated by United Airlines Holdings Inc , but he still formally owns the carrier.Efromovich told Reuters on Sunday that he disagreed with the decision to file for bankruptcy and that he was not involved in making it.
Van der Werff had in recent weeks gone on a public relations campaign to secure emergency aid from Colombia’s government, but as of Sunday none had materialized.
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