«The effects of the COVID-19 pandemic have led us to face the most challenging crisis in our 100-year history,» explained its managers.
The Colombian airline, Avianca, filed for bankruptcy due to the economic impact caused by the coronavirus worldwide. As the company explained, 80% of its income has been reduced since the pandemic began and the high operating costs did not allow it to continue with its work.
Latin America’s second-largest airline filed for Chapter 11 bankruptcy protection in a New York court after the coronavirus pandemic forced it to suspend passenger transport since mid-March.
According to the statement, revenues were significantly reduced, since almost all the countries in which it had operations have flight restrictions and the maintenance and operating costs of their aircraft are too high.
«Given the total suspension of our passenger operation and a recovery that will be gradual, entering this process is a necessary step to face our financial challenges.»