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AVH - Avianca Holdings SA News Story

$0.88 0.0  0.0%

Last Trade - 08/05/20

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

FACTBOX-Airlines crumble around the globe amid coronavirus pandemic

Tue 26th May, 2020 3:41pm
May 26 (Reuters) - The coronavirus crisis, which has
virtually grounded global air traffic since March, has pushed
several struggling airlines over the edge.
    Chile's LATAM Airlines Group SA  LTM.SN  on May 26 became
the largest carrier so far to seek an emergency reorganisation
during the pandemic.
    Below is a list of airlines that have ceased operations
since the start of this year:
    Air Italy
    Investors in Italy's second-largest airline agreed on Feb.
11 to place the struggling carrier into liquidation citing
market problems.*:nL8N2AB56M
    The Turkish airline suspended all operations on Feb. 13 and
later applied for bankruptcy.*:nI7N2A600L
    British regional airline said on March 5 it had entered into
administration as the already struggling carrier failed to
withstand the plunge in travel demand caused by the coronavirus
    BRA Braathens Regional Airlines
    The Swedish airline applied for a court-administered
reorganisation after demand plunged due to the spread of the
novel coronavirus, it said on its website on April 6.*:nL8N2BU20R
    Air Mauritius  AIRM.MZ 
    The flag carrier of Mauritius entered voluntary
administration on April 22 after coronavirus-related disruptions
made it impossible for the airline to meet its financial
obligations for the foreseeable future, its board said.*:nL5N2CA4NG
    Miami Air International
    The Florida-based charter airline Miami Air filed for
bankruptcy on March 24 and ceased operations on May 8, according
to local media. 
    Trans States Airlines
    The United Airlines  UAL.O  affiliate, which flew under the
United Express brand, was the first U.S. carrier to suspended
operations on April 1 amid the coronavirus crisis. 
    The airline had already been planning to shut down by the
end of 2020, consolidating its operations with ExpressJet
Airlines, another of United's regional carriers, according to
Business Insider.
    Compass Airlines
    The carrier, which flew as American Eagle and Delta
Connection, ceased operations in April after an effort to find a
new partnership fell through in light of the COVID-19 crisis,
USA Today has reported.
    RavnAir Group
    The largest regional carrier in Alaska said on May 20 it had
conditional approval from the U.S. Treasury to seek federal aid
under the Coronavirus Aid, Relief, and Economic Security Act
(CARES Act), as it looks for buyers to purchase the entire
group. RavnAir filed for bankruptcy on April 5 after it grounded
all of its 72 planes.*:nL1N2BV2Q0
    Colombia-based airline Avianca  AVT_p.CN  filed for
bankruptcy on May 10 after failing to meet a bond payment
deadline and as its pleas for assistance from Colombia's
government over the coronavirus crisis met with a tepid
    LATAM Airlines 
    Latin America's largest airline LATAM Airlines Group SA
 LTM.SN  said on May 26 that the company and its affiliates in
Chile, Peru, Colombia, Ecuador and the United States had filed
for bankruptcy due to the coronavirus pandemic.*:nL4N2D819G
    Ecuador's flag carrier said on May 21 it had entered into a
liquidation phase, as the government decided to shut down the
state-owned company.
    Virgin Australia  VAH.AX 
    The Australian air carrier said on May 22 it had been
granted formal recognition of its voluntary administration
process in Australia.*:nFWN2D30SU

 (Compiled by Tommy Lund and Anita Kobylinska in Gdansk 
Editing by Tomasz Janowski and Kirsten Donovan)
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