Avianca Files for Bankruptcy as LatAm Skies Stay Closed
- Colombian air carrier cites impact of Covid-19 pandemic
- Airline says it will not make bond payments due Monday
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Avianca Holdings SA, one of the biggest carriers in Latin America, filed for Chapter 11 bankruptcy after travel bans across the region forced the Colombian airline to ground its fleet.
Avianca, which counts United Airlines Holdings Inc. and Kingsland Holdings as stakeholders, filed for protection from its creditors in the Southern District of New York, according to court papers. It listed as much as $10 billion in liabilities and the same amount in assets. The company said it will not make bond payments due Monday.