Avianca Admits Current Shareholders Likely To Be Wiped Out

Based on procedures in US Bankruptcy Court, Avianca Holdings (OTCMKTS: AVHOQ, BVC: PFAVH) issued a statement reiterating “…once again, as disclosed to the market on the dates set forth in Table A (below) that in case the creditors approve the plan and the Bankruptcy Court thereafter confirms the plan on terms consistent with the ECCA (Equity Conversion and Commitment Agreement), the company’s current shareholders (including ordinary shareholders and preferred shareholders) will not receive any distribution. As a result of the foregoing, under the plan, the value of the outstanding

shares of the company is expected to be reduced to zero, due to the decrease in equity of the company attributable to the debtors’ liabilities to third parties and creditors, as well as the capital injection by new investors as contemplated by the plan and the ECCA.”

Table A

Date

May 20, 2020

April 14, 2021

July 22, 2021

September 1, 2021

September 14, 2021

September 15, 2021

September 16, 2021

September 17, 2021

September 20, 2021