Avianca Holdings Initiates Voluntary Reorganization Proceedings

PRNewswire

May 10, 2020

- Despite Effective Debt Reprofiling in 2019 and Successful Execution of its "Avianca 2021" Plan through Mid-March, Speed and Scale of Dramatic COVID-19 Crisis Impact Necessitates Avianca's Chapter 11 Filing in New York

- Court-Supervised Process is Intended to Continue Avianca's Operations, Preserve Jobs, Maintain Connectivity for Avianca's More Than 30 Million Annual Passengers, and Promote Economic Recovery in Colombia and Company's Other Core Markets

- Avianca is Committed to Continue Serving Customers with Safe, Reliable Air Travel and High-Quality Service as COVID-19 Travel Restrictions are Gradually Lifted

- Company Continues Discussions with Governments Regarding Financial Support for Successful Process

PR Newswire

BOGOTA, Colombia, May 10, 2020

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