PR: Avianca initiates voluntary reorganisation proceedings

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PRESS RELEASE 

Avianca Holdings Initiates Voluntary Reorganization Proceedings

– Despite Effective Debt Reprofiling in 2019 and Successful Execution of its “Avianca 2021” Plan through Mid-March, Speed and Scale of Dramatic COVID-19 Crisis Impact Necessitates Avianca’s Chapter 11 Filing in New York

– Court-Supervised Process is Intended to Continue Avianca’s Operations, Preserve Jobs, Maintain Connectivity for Avianca’s More Than 30 Million Annual Passengers, and Promote Economic Recovery in Colombia and Company’s Other Core Markets

– Avianca is Committed to Continue Serving Customers with Safe, Reliable Air Travel and High-Quality Service as COVID-19 Travel Restrictions are Gradually Lifted

– Company Continues Discussions with Governments Regarding Financial Support for Successful Process

BOGOTA, Colombia, May 10, 2020 /PRNewswire/ — Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) (the “Company” or “Avianca”) and certain of its subsidiaries and affiliates today filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York to preserve and reorganize Avianca’s businesses. LifeMiles™, Avianca’s loyalty program, is administered by a separate company and is not part of the Chapter 11 filing.

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