Avianca res­cue plan

Travel Daily - - News -

COLOM­BIA‘S Avianca Air­lines has re­quested a bank­ruptcy court green­light US$2 bil­lion in emer­gency fund­ing in a bid to keep its op­er­a­tions alive.

The car­rier filed for bank­ruptcy back in May (TD 12 May), and is now seek­ing a cash pack­age that in­cludes US$1.2 bil­lion kicked in from the Colom­bian Gov­ern­ment and a US$700m con­vert­ible loan.

The re­quest fol­lows a failed bid to raise cash and re­struc­ture backed by its loy­alty pro­gram.

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