Tag

Copa is raising $350 million USD due 2025, presumably to prepare itself for the Coronavirus-related economic downturn.

Avianca has revealed "that substantial doubt exists as to our ability to continue as a going concern.” United Airlines said “As a consequence, we may not realize a satisfactory (or any) return on our invested or loaned funds" to Avianca & affiliates.

Several international airlines had a few months to live if their planes were still on the ground. In the case of Latin American airlines, Avianca was forecast three months; to LATAM four months; to Azul six months and to COPA ten months, among others.

Finance Colombia arranged a meeting with key analysts with Standard & Poor to understand how this might play out for LATAM and Avianca, the two full service carriers that operate domestic routes in Colombia.

Not long after a bitter strike, Avianca is facing renewed labor unrest, this time from Airbus pilots in Peru who claim that Avianca is using the Coronavirus Pandemic to escape from a negotiated early retirement buyout with pilots in the neighboring country.

Fitch Ratings yesterday announced that it had downgraded Avianca Holdings’ Long-Term Foreign and Local Currency Issuer Default Rating (IDR) to ‘C from ‘CCC-‘. The ratings have been removed from Rating Watch Negative. This downgrade follows the announcement...

In a new report, Fitch Ratings said that it expects a combined $202 million USD in debt due this year and owed by Avianca, Odebrecht and Digicel will not be repaid by the issuers.

Colombian airline Avianca over the weekend admitted that, as the Coronavirus continues to impact its operations, it has begun to defer payments on long term leases and  on principal on some of its outstanding debt. Over 14,000 employees are currently on unpaid leave.

S&P Global Ratings has downgraded Avianca's credit rating from “B-” to “‘CCC” while placing the airline on CreditWatch negative.

Avianca Airlines announced this afternoon that as of March 23, the carrier will completely suspend its international operations. The domestic operation will continue at 16% of capacity from Bogotá to certain destinations within Colombia.