avianca holdings bvc

Avianca Holdings S.A. (the “Company” or “Avianca”) (NYSE: AVH, BVC: PFAVH) announced today that it has successfully closed the Bond Exchange Offer of its US$ 550 million bonds, which mature in May 2020, with a total of 88.1% of bonds validly tendered. Avianca has operated for more than 100 years – only the second airline in the world to achieve this milestone.

Avianca has also filed motions to maintain its network and customer programs throughout this process and customers can expect to continue to arrange travel and fly with Avianca in the same way they always have. ", Measures to Protect Employees and Suppliers. Avianca's scheduled passenger operations have been grounded since mid-March, reducing its consolidated revenue by over 80% and placing significant pressure on its cash reserves. [8], Shareholding composition of Avianca Holding S.A. as of April 8, 2019:[9], São Paulo-Guarulhos International Airport, Quiénes Somos Avianca Holdings S.A. The Company has requested authority to pay certain prepetition employee wages, compensation and benefit obligations owed from before the filing date, as well as a request to continue paying wages and honoring employee benefit programs in normal day-to-day operations.

Our customers can be confident that they can continue to depend on Avianca for safe, reliable and high-quality service, and our valued LifeMiles™ members can expect to accrue and redeem miles as normal," Mr. Van der Werff continued. About Avianca Holdings S.A. (NYSE: AVH) (BVC: PFAVH). Do NOT follow this link or you will be banned from the site. [7], On 5 November 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that the former company's Chairman Germán Efromovich was linked to an offshore conglomerate used for the aerocommercial holding business with ramifications in Bermuda, Panama and Cyprus. Actual results may differ materially from those projected in this press release for numerous reasons, including factors outside of the Company's control. Voluntary Reorganization Proceedings: Avianca announced on May 10, 2020 that it had filed for bankruptcy protection from its creditors due to liquidity pressure it faces from the Covid-19 pandemic. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC.

Avianca commented as follows: Avianca reiterates its gratitude to the Republic of Colombia for its continuing support and commitment to participate in the Company's debtor-in-possession (DIP) financing. Avianca Holdings SA owns and operates airlines. Of the total number of countries in which Avianca operates, 88 percent have total or partial passenger air transport restrictions, forcing the airline to take a series of extraordinary and structural measures. "When government-mandated air travel restrictions are lifted and we are able to gradually resume our passenger flights, we look forward to welcoming back our furloughed employees and playing a leading role in restarting the economy in Colombia and our other key markets. Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) confirmed in a filing with the US Securities & Exchange Commission that the information published on May 11 by newspaper El Tiempo, relating to the bankrupt airline’s five largest creditors is accurate. With a fleet of 173 aircraft and more than 19,000 employees, Avianca serves over 100 destinations in America and Europe, which connect to over 750 destinations worldwide through codeshare agreements with partner airlines. This process will result in material changes in the terms and conditions of its debt. Efromovich used a Panamanian offshore that hid more than 20 firms located in tax havens. Investor ContactAvianca:Luca Pfeifer, Head of Investor Relations [email protected] (571) (5877700), U.S. and Europe Media Contact Avianca:Adriana Paulinne Sánchez, Corporate Communications [email protected], Joele Frank, Wilkinson Brimmer Katcher:Leigh Parrish[email protected]+1 212 355 4449, Central America Media ContactsAvianca:Adriana Paulinne Sánchez, Corporate Communications [email protected], LLYC:Alejandra Aljure, Director[email protected], Colombia and South America Media ContactAvianca:Viviana Escobar, Corporate Communications [email protected], Cision Distribution 888-776-0942 With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Fitch has affirmed Avianca’s senior unsecured bond issuance at ‘C’/RR6’ and the secured notes at ‘C’. BOGOTA, Colombia, Sept. 12, 2020 /PRNewswire/ -- Avianca Holdings S.A. (OTCMKTS: AVHOQ, BVC: PFAVH) (the "Company" or "Avianca") today issued a statement regarding the commitment from the Government of Colombia to participate in the Company's expected debtor-in-possession ("DIP") financing, following the injunction issued by the Administrative Court of Cundinamarca. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American.

Once the airline exits the administration proceedings, Fitch will assess its new strategy and restructured financial profile and re-rate Avianca accordingly. Through the Chapter 11 reorganization process, Avianca intends to: "Avianca is facing the most challenging crisis in our 100-year history as we navigate the effects of the COVID-19 pandemic," said Anko van der Werff, Chief Executive Officer of Avianca. Court filings and other documents related to the Chapter 11 process in the U.S. are available on a separate website administered by Avianca's claims agent, Kurtzman Carson Consultants, at www.kccllc.net/avianca. When COVID-19 travel restrictions are lifted, Avianca plans to resume passenger flights with the strictest biosafety protocols. Learn how your comment data is processed. Avianca did not pay $67 million USD due on its outstanding unsecured bonds on May 10, 2020 and will not pay the coupon payment of its senior secured bonds due 2023. This led to a decline in the company’s revenues by more than 80% and has squeezed its liquidity position. - Despite Effective Debt Reprofiling in 2019 and Successful Execution of its "Avianca 2021" Plan through Mid-March, Speed and Scale of Dramatic COVID-19 Crisis Impact Necessitates Avianca's Chapter 11 Filing in New York, - Court-Supervised Process is Intended to Continue Avianca's Operations, Preserve Jobs, Maintain Connectivity for Avianca's More Than 30 Million Annual Passengers, and Promote Economic Recovery in Colombia and Company's Other Core Markets, - Avianca is Committed to Continue Serving Customers with Safe, Reliable Air Travel and High-Quality Service as COVID-19 Travel Restrictions are Gradually Lifted, - Company Continues Discussions with Governments Regarding Financial Support for Successful Process. The Chapter 11 process is a well-established legal process in the United States of America that is recognized by other countries around the world. Avianca also expects to continue to issue ticket refunds and honor travel coupons and payments or credits associated with baggage or service claims in adherence with our current policies. Avianca Holdings S.A. is a multi-Latam company that holds investments primarily in: passenger airlines, cargo airlines, its LifeMiles loyalty program and related activities including tourism, engineering, maintenance and specialized maintenance services. Avianca Holdings S.A. Receives U.S. Court Approval to Access US$2.... Avianca Holdings S.A. Through the plan, the Company redesigned its network with 130 routes to 76 destinations in 27 countries, adding to the launch of a new pricing model "branded fares" in domestic markets in Ecuador and Colombia, including flights to and from Europe. In the interim, while these discussions are ongoing, the Company intends to utilize its cash on hand, combined with funds generated from its ongoing operations (such as cargo), to support the business during the court-supervised reorganization process. We will never spam you or share your email address ¡Nunca Jamás! Your Background / Function: Corporate / Business Government NGO / ONG / Nonprofit Individual Investor Academic Investment Professional (Broker, Analyst, Fund Manager) Traveler / Interested Individual Journalist. [4][5][6], The company is the second largest airline holding in Latin America by revenue and fleet size after LATAM Airlines Group based in Santiago, Chile. We greatly appreciate the dedication of our employees to Avianca and to serving the more than 30 million passengers that fly our airline each year. About Avianca Holdings S.A. (OTCMKTS: AVHOQ) (BVC: PFAVH) Avianca is the trademark for the group of passenger airlines and cargo airlines under the holding company Avianca Holdings S.A. Avianca has been flying continuously for 100 years. The Company offers scheduled air passenger transportation services within Colombia and to Central America, … Many companies, including many airlines, have used the Chapter 11 process to reorganize their financial obligations and emerge as stronger organizations. Avianca customers will continue to accrue miles when they fly with Avianca, and can continue to redeem miles earned through LifeMiles™ to purchase tickets with Avianca during this process.

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