on Sunday, the Colombian flagship carrier said that it filed for Chapter 11 bankruptcy protection in a court in New York.
The company said the filing was spurred by the COVID-19 pandemic, which grounded Avianca's flight operations since mid-March and has reduced the company's income by over 80%. In filing for bankruptcy, the airline hopes to continue operations as COVID-19 restrictions are gradually lifted. , the airline failed to meet a bond payment deadline, adding pressure to its already thin bottom line.The airline, which has a fleet of 158 aircraft across 27 countries, said it is still seeking government bailout money.
Source: News Formal (newsformal.com)
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