Avianca has efficiently accomplished a monetary restructuring course of and emerged from Chapter 11 chapter safety.
Officers declare the provider is now extra environment friendly and financially stronger, with considerably lowered debt and over $1 billion in liquidity.
Rohit Philip, chief monetary officer of Avianca, stated: “This is a vital 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 return.
“We look ahead to 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 provider initially sought to restructure its operations in May final 12 months, throughout the early levels of the Covid-19 pandemic.
Adrian Neuhauser, chief government of Avianca, stated: “We look ahead to the corporate’s future success as we proceed constructing upon Avianca’s wealthy historical past throughout Latin America and internationally.
“We respect the assist of our loyal clients, companions and lenders all through this course of.
“I’d additionally wish to thank our devoted workers for his or her dedication to offering uninterrupted service to our clients and whose onerous work enabled us to finish this course of effectively.
“I’m assured that we’re well-positioned to be a extremely aggressive and profitable provider.”
As per the accepted plan of reorganisation, the brand new shareholders will put money into 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 consists of Aerovias del Continente Americano, the Colombian subsidiary, and TACA Worldwide, the Central American operation.
The prior holding firm, Avianca Holdings was domiciled in Panama.