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Avianca announced that the United States Court for the Southern District of New York has confirmed its Plan of Reorganization. The airline expects to emerge from Chapter 11 by year-end 2021 with a stronger balance sheet, reduced debt, and over $1 billion in liquidity. The restructuring aims to improve competitiveness through better pricing, upgraded aircraft, and expanded routes. The company plans to operate over 200 routes by 2025 and enhance its cargo and loyalty services. However, outstanding shares will cease to have value as part of the reorganization.
Avianca Holdings S.A. (OTCMKTS: AVHOQ) has appointed Adrian Neuhauser as President and CEO, effective immediately, succeeding Anko van der Werff, who has resigned to take another CEO position in Europe. Neuhauser, who joined Avianca in 2019 and served as CFO and President, has significant experience in the financial sector, particularly in the airline industry. The transition aims to strengthen leadership during a crucial period as Avianca emerges from its corporate restructuring and adapts to changing travel demands post-COVID-19.
Avianca Holdings S.A. (OTCMKTS: AVHOQ) announced U.S. Bankruptcy Court approval for over $2.0 billion in debtor-in-possession (DIP) financing, marking a key milestone in its Chapter 11 process. CFO Adrian Neuhauser highlighted this financing as crucial for the company's future, allowing for operational support as COVID-19 restrictions ease. With this funding, Avianca can strengthen its liquidity, having resumed passenger flights to 21 cities in Colombia and 14 international destinations. The DIP financing includes $1.2 billion in new funds, with specific arrangements by Seabury Securities LLC, Goldman Sachs, and JPMorgan Chase.
Avianca Holdings S.A. (OTCMKTS: AVHOQ) announced on Sept. 22, 2020, it secured over US$ 2.0 billion in debtor-in-possession (DIP) financing amid its Chapter 11 reorganization process. This financing includes US$ 1.27 billion in senior loans and US$ 722 million in subordinated loans, aimed at resuming operations and expanding routes post-COVID-19. A motion for U.S. Court approval is pending for the financing, with a hearing scheduled for October 5, 2020. The funding is secured by key company assets, including stakes in its subsidiaries.
Avianca Holdings S.A. (OTCMKTS: AVHOQ) announced government support from Colombia for its debtor-in-possession (DIP) financing. This financing is crucial for maintaining operations and connectivity in Colombia as the airline navigates Chapter 11 proceedings. Avianca emphasized that this transaction offers substantial collateral and economic returns for the Colombian government, comparable to other secured investors. The company plans to file its DIP motion in U.S. Bankruptcy Court soon. The support from both the government and private investors simultaneously underscores the airline's efforts to recover from the impacts of COVID-19.
