Second-oldest airline files for bankruptcy

Another major international airline has gone bust in the wake of the coronavirus pandemic.

Colombian airline Avianca (AVH) filed for Chapter 11 bankruptcy in the US Southern District of New York on Sunday, blaming its collapse on the “unforeseeable impact of the Covid-19 pandemic,” according to a company statement.
Avianca, which was founded in 1919, claims to be the world’s second-oldest continuously running airline. As of the end of last year, it was the third-largest airline in Latin America based on market share, after Chile’s LATAM Airlines (LTM) and Brazil’s GOL Linhas Aéreas (GOL), according to Euromonitor.
The carrier is also part of the Star Alliance, the industry group that includes other big players such as Lufthansa (DLAKY) and Singapore Airlines. Last year, a holding company affiliated with United Airlines (UAL) bought a majority stake in Avianca.
Avianca is the latest major airline to succumb to the loss of business from the pandemic, which has caused carriers to rip up their flight schedules, ground planes and put staff on unpaid leave.
– CNN

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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