Another major international airline has gone bust in the wake of the coronavirus pandemic.
Colombian airline Avianca (AVH) filed for Chapter 11 bankruptcy in the US Southern District of New York on Sunday, blaming its collapse on the “unforeseeable impact of the Covid-19 pandemic,” according to a company statement.
“Despite effective debt reprofiling in 2019 and successful execution of its “Avianca 2021″ plan through mid-March, speed and scale of dramatic COVID-19 crisis impact necessitates Avianca’s Chapter 11 fling in New York,” read the company statement.
Court-supervised process is intended to continue Avianca’s operations, preserve jobs, maintain connectivity for Avianca’s more than 30 million annual passengers, and promote economic recovery in Colombia and company’s other core markets
Avianca said that it is committed to continue serving customers with safe, reliable air travel and high-quality service as COVID-19 travel restrictions are gradually lifted.
The company is in discussions with governments regarding financial support for successful process.
Avianca, which was founded in 1919, claims to be the world’s second-oldest continuously running airline. As of the end of last year, it was the third-largest airline in Latin America based on market share, after Chile’s LATAM Airlines (LTM) and Brazil’s GOL Linhas Aéreas (GOL), according to Euromonitor.
The carrier is also part of the Star Alliance, the industry group that includes other big players such as Lufthansa (DLAKY) and Singapore Airlines. Last year, a holding company affiliated with United Airlines (UAL) bought a majority stake in Avianca.
Avianca is the latest major airline to succumb to the loss of business from the pandemic, which has caused carriers to rip up their flight schedules, ground planes and put staff on unpaid leave.
The Missile Defense Agency has selected Lockheed Martin to deliver the nation's new homeland missile defense capability, the Next Generation…
Collins Aerospace will introduce two major upgrades to the Ascentia software platform. Ascentia is a software solution for aircraft reliability management that…
Pratt & Whitney Canada's PT6A engine recently surpassed 25 million flight hours and 40 years of powering the Cessna Caravan…
The US Army deployed its Mid-Range Capability (MRC) missile system to Northern Luzon, Philippines for the first time. This deployment…
Lockheed Martin has been chosen by the U.S. Missile Defense Agency (MDA) to develop the Next Generation Interceptor (NGI), the…
Milrem Robotics has secured a contract to deliver an undisclosed quantity of THeMIS UGVs (Unmanned Ground Vehicles) to the Japanese…
CMA CGM Air Cargo is set to expand its service by launching a transpacific route connecting Asia to North America…
Eve Air Mobility (Eve) has designated Korea Aerospace Industries Ltd. (KAI) as the supplier for the pylons of its electric…
Emirates SkyCargo, the cargo arm of one of the two flag carriers of the United Arab Emirates (UAE), has established…
Israel Aerospace Industries (IAI) has secured a contract to supply a Multi-Sensor Multi-Mission Radar (MS-MMR) system for the air defence…
The first Embraer E190F, a jet converted from passenger transport to freighter (E-Freighter), successfully concluded its inaugural flight in São…
The Government of Greece officially announced its plans to purchase 35 UH-60M Black Hawk helicopters from Sikorsky, a Lockheed Martin…
Cathay Cargo resumed its Ho Chi Minh City freighter service on April 4, 2024, after a four-year hiatus due to…
Skykraft has secured approval from the International Telecommunications Union (ITU) for its spectrum filing for a constellation of 2976 satellites.…
The U.S. Navy, in partnership with Lockheed Martin, has successfully conducted a historic Long-Range Anti-Ship Missile (LRASM) flight test with…
The U.S. Air Force has awarded Boeing a contract worth up to $559 million over five years to operate, maintain…
Israel Weapon Industries (IWI) introduced the ARBEL, hailed as the world’s first computerized small arms system, on Thursday (Apr. 4).…
Hong Kong’s Government Flying Service (GFS) has integrated the H175 helicopter flight simulator developed by Indra into their training regimen.…
After a hiatus of over 30 years, Air Canada is set to return to Singapore's Changi International Airport with the…
FLY91, India's youngest regional airline, announced a partnership with IBS Software on Wednesday (Apr. 3). Aiming to enhance its commercial…
Malaysia Airlines announced its partnership with RECARO Aircraft Seating to equip its upcoming Airbus A330neo aircraft with the CL3810 economy…
Rolls-Royce announced that the company has begun flight testing its latest aero engine the Pearl 10X on its dedicated Boeing…
Avolon, a global aviation finance company, has agreed to sell and lease back four new Airbus A330neo aircraft with Cebu…
Malaysia Airlines and India’s largest airline, IndiGo, announced the signing of a Memorandum of Understanding (MoU) for a codeshare partnership…
The Indonesian flag carrier airline, Garuda Indonesia, unveiled plans to expand its aircraft fleet with the procurement of eight new…
Belgian Defence has placed an order for six R7 Remotely Operated Vehicles (ROVs) from Exail. These unmanned underwater vehicles are…
Greenerwave, a deeptech start-up specialising in the control of electromagnetic waves, launched its first SATCOM user terminal after securing EUR15…
Israel Aerospace Industries (IAI) and Aerotor Unmanned Systems have entered into a Memorandum of Understanding (MOU), outlining their collaboration in…
GE Aerospace officially launched as an independent public company on Tuesday (Apr. 2), marking an important milestone in the aviation…
Dassault Aviation has inaugurated a new ExecuJet Maintenance, Repair, and Overhaul (MRO) facility in Kuala Lumpur, Malaysia, aimed at enhancing…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.