Avianca Holdings SA logo

AVH - Avianca Holdings SA News Story

$0.88 0.0  0.0%

Last Trade - 08/05/20

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £2.56bn
Position in Universe th / 6850

BRIEF-Avianca Says Filed Voluntary Petitions Under Chapter 11 In U.S. Bankruptcy Court

Sun 10th May, 2020 6:16pm
May 10 (Reuters) - Avianca Holdings SA  AVT_p.CN :
    * AVIANCA HOLDINGS INITIATES VOLUNTARY REORGANIZATION
PROCEEDINGS
    * CERTAIN OF ITS SUBSIDIARIES & AFFILIATES TODAY FILED
VOLUNTARY
PETITIONS UNDER CHAPTER 11 IN U.S. BANKRUPTCY COURT
    * LIFEMILES, AVIANCA'S LOYALTY PROGRAM, IS ADMINISTERED BY A
SEPARATE COMPANY AND IS NOT PART OF CHAPTER 11 FILING
    * COMPANY CONTINUES DISCUSSIONS WITH GOVERNMENTS REGARDING
FINANCIAL SUPPORT
    * FILING WAS NECESSITATED BY UNFORESEEABLE IMPACT OF
COVID-19
PANDEMIC
    * ITS SCHEDULED PASSENGER OPERATIONS HAVE BEEN GROUNDED
SINCE
MID-MARCH, REDUCING ITS CONSOLIDATED REVENUE BY OVER 80%
    * HAS PRESENTED VARIOUS MOTIONS BEFORE COURT IN SUPPORT OF
ITS
REORGANIZATION, EXPECTS COURT TO DECIDE ON THESE REQUESTS IN
COMING DAYS
    * HAS REQUESTED AUTHORITY TO PAY CERTAIN PREPETITION
EMPLOYEE
WAGES, COMPENSATION AND BENEFIT OBLIGATIONS OWED FROM BEFORE
FILING DATE
    * AVIANCA - INTENDS TO PAY VENDORS, SUPPLIERS, TRAVEL AGENCY
PARTNERS IN FOR GOODS, SERVICES PROVIDED ON OR AFTER FILING DATE
DURING CHAPTER 11 PROCESS
    * AVIANCA INTENDS TO COMMENCE A WIND-DOWN OF ITS OPERATIONS
IN
PERU PURSUANT TO LOCAL LAWS

Source text for Eikon:  ID:nPn4x7WKKa 
Further company coverage:  AVT_p.CN 

 ((Reuters.Briefs@thomsonreuters.com;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.