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BOGOTA, Dec 1 (Reuters) – Colombian airline Avianca (AVT_p.CN) claimed on Wednesday it has productively concluded its Chapter 11 personal bankruptcy course of action, a month after a U.S. court docket authorized its reorganization process.
“Now the prior conditions have been completed,” the airline claimed in a assertion from Bogota. Avianca “has emerged productively from claimed system.”
Avianca, alongside with rival Chile’s LATAM Airways (LTM.SN), have been the two biggest carriers in the region prior to the coronavirus pandemic, but equally had been sent into personal bankruptcy restructuring when the virus upended air journey, amid in particular strict limits in Latin The us.
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Avianca experienced currently posted various many years of losses prior to the pandemic started, and went through a boardroom coup in 2019 led by United Airways (UAL.O).
The Southern District of New York accepted the firm’s reorganization prepare in early November, a day in advance of Avianca declared it will go its domicile to Britain and its stock will no for a longer time be traded on the Colombian stock exchange. study much more
As soon as its principle domicile is established in Britain, the organization will be recognised as Avianca Team Global Ltd. Its current shareholders will not get any payout or be provided as shareholders in Avianca Team, the airline has reported.
(This story refiles to improve to ‘airline’ from ‘airliner’ during)
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Reporting by Julia Symmes Cobb
Editing by Marguerita Choy
Our Criteria: The Thomson Reuters Trust Principles.