Avianca rescue plan

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.