Friday , January 22 2021

Avianca Brazil declared bankruptcy before San Pablo Justice



The airline, like is independent, but owns Avianca Holdings SA by Colombia, reported that it declared bankruptcy because of high fuel costs and requirements that threaten part of its aircraft. The process, which commences in the First Division for Bankruptcy and Legal Recovery of San Pablo, is kept under secrecy.

From Colombia, Avianca Holdings stated that the company which lodged the application for judicial review is Oceanairthat although it uses the name of Avianca Brasil commercially, it is completely independent.

"Oceanair is not part of the Group of Avianca Holdings S.A", said the airline in Bogota in a statement. "Oceanair is an independent company of Avianca Holdings S.A., and therefore does not consolidate financial statements with Avianca Holdings or with any of its subsidiaries," he added.

Even though the actions from Avianca Holdings dropped to 17.53 percent on the Colombian stock market, at the end of the day, a 1.80 percent devaluation ended at 1,905 pesos.

The main shareholder in Avianca Holdings and off Oceanair This is Synergy Group Corp, the entrepreneur's property Germán Efromovich.

Germán Efromovich.jpg

Germán Efromovich.

Germán Efromovich.

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Synergy receives a $ 456 million loan from United Airlines United Airlineswith which Avianca Holdings recently signed a strategic and commercial alliance that includes Copa Holdings, and it will allow the three airlines to expand their services between the US and Latin America.

The millionaire debt that the airline has with suppliers and airport concessionaires led to Avianca Brasil to make the decision, according to information published Tuesday by legal information portal legal consultant, according to a shipment from the EFE agency.

Last week, the airline was forced by Brazilian justice to return 11 flights from its fleet to the Irish company Constitution Aircraft, a subsidiary of the US Aircastle, for non-payment in the lease.

According to sources of law, three other debt measures were filed by suppliers against the fourth largest airline in Brazil.

Avianca Brazil has scheduled flights since 2002, currently serving 23 destinations in the South American giant and 3 overseas, with 230 daily departures with 47 Airbus-type aircraft.


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