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The investment, said to be $70 million USD of convertible credit, brings the airline into proximity with both bankrupt Colombian carrier Avianca and Mexican carrier Volaris.

The next step in the Chapter 11 process will be a hearing for the United States Bankruptcy Court to consider the approval of the disclosure statement, which is scheduled for September 14, 2021.

Fitch Ratings has assigned a ‘C’/’RR4’ rating to Avianca Holdings S.A.’s (NYSE: AVH; BVC: PFAVH) $550 million USD senior secured notes due 2020. These notes are being received in exchange for $550 million of senior unsecured notes due 2020. The new...

“The pilot strike will have an adverse effect on our fourth quarter results,” said Hernán Rincón, CEO of Avianca Holdings.

Avianca's filing calls Roberto Kriete of Kingsland a “disloyal director who has worked actively to undermine the company’s strategic goals.”

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