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Dadparvar
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Colombian airline Avianca filed for bankruptcy in the Southern District of New York on Sunday, following financial difficulty during the COVID-19 pandemic.
The second largest airline in Latin America, Avianca has been grounded since March amidst regulations set out by the president, resulting in more than 20,000 jobs under threat of furloughed leave. The company that generated a revenue of $4.6 bn in 2019 has lost 80 percent of their income and struggles to remain standing during the global pandemic. Avianca has now filed for a Chapter 11 bankruptcy protection in New York courts.
According to the International Transport Association, global air travel has fallen by 90 percent globally since the COVID-19 outbreak, with an estimation that Latin American airlines will lose $15 bn of revenues as a result. Avianca stated this was the biggest challenge in their 100 year history and the measure was a “necessary step to address [their] financial challenges.”
For more on COVID-19, see our special coverage.
The post Avianca airline files for bankruptcy in US court appeared first on JURIST - News - Legal News & Commentary.
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The second largest airline in Latin America, Avianca has been grounded since March amidst regulations set out by the president, resulting in more than 20,000 jobs under threat of furloughed leave. The company that generated a revenue of $4.6 bn in 2019 has lost 80 percent of their income and struggles to remain standing during the global pandemic. Avianca has now filed for a Chapter 11 bankruptcy protection in New York courts.
According to the International Transport Association, global air travel has fallen by 90 percent globally since the COVID-19 outbreak, with an estimation that Latin American airlines will lose $15 bn of revenues as a result. Avianca stated this was the biggest challenge in their 100 year history and the measure was a “necessary step to address [their] financial challenges.”
For more on COVID-19, see our special coverage.
The post Avianca airline files for bankruptcy in US court appeared first on JURIST - News - Legal News & Commentary.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.