BOGOTA, Jan 29 (Reuters) - Colombian flag provider Avianca Holdings is making progress with a
BOGOTA, Jan 29 (Reuters) – Colombian flag provider Avianca
Holdings is making progress with a restructuring plan
for its funds that can maintain it within the air with out having to
take measures corresponding to declaring chapter or insolvency,
firm executives mentioned on Wednesday.
Over the course of the restructuring, which started final yr,
the corporate will divest its non‐core actions and simplify its
fleet to enhance income and depart behind a monetary disaster
that arose in 2019.
“The corporate’s monetary scenario has turned 180 levels.
We have now far more certainty concerning the future, we’re wanting
ahead with lots of optimism and the numbers are significantly better,”
mentioned Avianca Chief Govt Anko van der Werff.
Avianca administration modified final Might after majority
shareholder Synergy Group Corp misplaced management of the corporate when
it breached a mortgage settlement with United Airways.
The mortgage was backed by Synergy’s stake in Avianca. Nevertheless,
the contract United Airways has with its pilots restricts it
from majority possession in one other provider, so it ceded
administration of Avianca to minority accomplice Kingsland Holdings
Restricted.
Within the second half of final yr, Avianca acquired $250
million in loans from United Airways and Kingsland, in addition to
an extra $125 million from different…