Avianca confirms that, by means of a notice from the NYSE pursuant to Form 25-NSE, Avianca received notice that all the conditions precedent to delisting set forth under SEC Rule 12d2-2(b) have been satisfied, the Company’s ADSs were deregistered under Section 12 (b) of the Securities Exchange Act of 1934.

In addition, as set forth in the airline’s filing information dated May 18, 2020, as of this date, Avianca says are unaware of any implication or effect that the NYSE’s decision could have on a Colombian investor, since all the mechanisms for negotiation in respect the Company’s preferred shares in the Colombia Securities Exchange, or BVC (Bolsa de Valores de Colombia) remain in place.

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.

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