Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) announced today in a 6K filing with the United States Securities & Exchange Commission (SEC) that the New York Stock Exchange (NYSE) has suspended trading in the Company’s American Depositary Shares, each representing eight preferred Avianca shares as a result of the airline’s Chapter 11 bankruptcy filing in the U.S. Bankruptcy Court for the Southern District of New York.

S&P Global Ratings has downgraded Avianca from “CCC-” to “D”

The NYSE also told Avianca that it will apply to the SEC to delist the ADSs once any applicable procedures are completed, including any appeal by Avianca of the NYSE decision.

The Colombian Stock Exchange, the Bolsa de Valores de Colombia (BVC) has also notified Avianca that the Company’s preferred shares continue to trade on the BVC but the airline’s preferred shares continue to be ineligible for repo transactions and are inadmissible as collateral for margin calls in other types of transactions, and as of yesterday, no futures or options contracts in respect of Avianca’s preferred shares may be entered into.

Avianca has created an information site, aviancawillkeeponflying.com to provide the company’s position on the bankruptcy filing.

See Also: What might happen to Avianca? Will Copa purchase the Airline? (click)