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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

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