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The labor deal between Avianca and the ODEAA "includes a substantial increase in the gross income of pilots and co-pilots," according to the airline.

Though adding a strategic partner could be a positive development, Fitch Ratings views Avianca's liquidity as low.

Details of an alliance between Avianca and United Airlines "are yet to be negotiated," but the Star Alliance carriers are working to formalize a long-term deal.

Offers are due by November 9, and a majority share may reportedly be on the table.

"The sale process has started" for a one-fifth holding in the Brazilian airline.

German Efromovich, Chairman of the Board of Directors of Avianca Holdings S.A. and Aerovias del Continente Americano S.A. has announced the appointment of Hernán Rincón (pictured above) as the new Chief Executive Officer of Avianca Holdings S.A. and Avianca S.A Mr. Rincón, was...