Com a maioria dos 20 mil funcionários sem pagamento, Avianca não resiste à crise e corre risco de falir

With Most of Its 20,000 Employees Unpaid, Avianca Cannot Withstand the Crisis and Risks Bankruptcy

Written by Flavia Marinho

Published on 11/05/2020 at 11:56

Com a maioria dos 20 mil funcionários sem pagamento, Avianca não resiste à crise e corre risco de falir

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Avianca Has Not Operated Regular Passenger Flights Since the End of March, and Most of Its 20,000 Employees Have Gone Without Pay During the Crisis Caused by the Coronavirus.

Coronavirus: Avianca, one of the oldest airlines in the world and the second-largest airline in Latin America, is at serious risk of bankruptcy due to the crisis caused by the coronavirus. Boeing Breaks $4.2 Billion Contract with Embraer, and the Union Calls for the Company to Be Re-nationalized

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In a filing with the U.S. Bankruptcy Court for the Southern District of New York on Sunday, the company estimates liabilities between $1 billion and $10 billion as the deadline for bond payments approaches and after unsuccessful requests for aid from the Colombian government to withstand the crisis caused by the coronavirus.

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If Avianca Cannot Exit Bankruptcy, It Could Be the First Major Airline in the World to Collapse Due to the Crisis Caused by the Coronavirus, Which Resulted in a 90 Percent Reduction in Air Traffic.

Since the End of March, Avianca Has Not Operated Regular Passenger Flights, Which Means Most of Its 20,000 Employees Have Gone Without Pay Thus Far.

Anko van der Werff, CEO of Avianca, Said in a Statement, “Avianca Is Facing the Most Challenging Crisis in Its 100 Years of History.”

Although the Airline Was Struggling Even Before the Coronavirus Pandemic, Its Bankruptcy Filing Highlights the Challenges for Airlines That Do Not Receive Government Bailouts to Avoid Restructuring.

A Representative of Avianca Stated That the Company Is Still Trying to Secure Government Loans.

Avianca’s Chief Commercial Officer, Silvia Mosquera, Said in a Statement Before the Bankruptcy Filing, “Government Help for the Airline Industry Is Vital.”

Crisis at Avianca

In the Early 2000s, Avianca Already Went Through a Bankruptcy Process from Which It Was Rescued by a Bolivia-born Oil Entrepreneur, German Efromovich.

Although the Executive Aggressively Expanded the Airline, He Accumulated Significant Debts. Efromovich Disagrees with the Decision to File for Bankruptcy and Claims He Was Not Involved in It.

Despite Still Holding a Majority Stake in the Company, the Entrepreneur Was Removed from the Business in 2010 in a Board Coup Led by United Airlines Holdings Inc.

The United May Lose Up to $700 Million in Loans Related to Avianca. Meanwhile, the Airline Announced It Plans to Begin Reducing Operations in Peru.

With Most of Its 20,000 Employees Unpaid, Avianca Cannot Withstand the Crisis and Risks Bankruptcy

Avianca Has Not Operated Regular Passenger Flights Since the End of March, and Most of Its 20,000 Employees Have Gone Without Pay During the Crisis Caused by the Coronavirus.

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Crisis at Avianca

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With Most of Its 20,000 Employees Unpaid, Avianca Cannot Withstand the Crisis and Risks Bankruptcy

Avianca Has Not Operated Regular Passenger Flights Since the End of March, and Most of Its 20,000 Employees Have Gone Without Pay During the Crisis Caused by the Coronavirus.

Read Also

Crisis at Avianca

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Goodbye traditional washing machine: Xiaomi surprises and launches an ultra-slim version with 27 programs, 3D water flow, steam sterilization, app control, enlarged drum, and a silent system with double suspension

An entire country within the mountains is selling water to Africa’s largest economy: Lesotho builds dams, tunnels, and bridges at an altitude of 2,000 meters to send more than 1.27 billion m³ per year to Johannesburg

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