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Avianca says it has raised $2 billion of DIP financing, including new loans and refinancing of existing notes, despite the blockage of a $370 million USD bailout loan from the Colombian government.

Bancolombia, Colombia's largest bank has issued a report panning Avianca proposed DIP financing plan from the point of view of current shareholders, and indicated that it would no longer be covering the bankrupt airline.

Bankrupt airline Avianca has revealed that it is working on debtor in possession financing with several investment banks including Seabury Securities, Goldman Sachs, and JPMorgan Chase; subject to approval by US Bankruptcy Court and creditors. The deal would potentially open a...