Colombian Airline Avianca Files for Chapter 11

Colombian airline Avianca has filed for Chapter 11 bankruptcy in the U.S. Southern District of New York citing a fall of more than 80% in consolidated revenue as flights continue being grounded because of to the COVID-19 pandemic.

In a statement, the organization reported it would use the bankruptcy to balance its sheet obligations to navigate the outcomes of COVID-19 and to deal with liabilities, leases, plane orders, and other commitments. The organization also reported it intends to wind-down its operations in Peru.

In a study report, analysts at the Centre for Aviation reported Avianca was in a “period of upheaval” even before the world-wide well being disaster. In April 2019, CEO Hernan Rincon Lema announced he was leaving the organization soon after 3 a long time in the job.

The organization also noticed a sequence of destructive credit rating scores and a sudden improve in board control. Very last

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U.K. Airline Flybe Closes Two Months After Rescue Deal

The U.K. airline Flybe abruptly ceased functions Thursday as the market grapples with the impacts of the coronavirus.

“All Flybe flights are cancelled. Remember to do not go to the airport as your Flybe flight will not be functioning,” the U.K. Civil Aviation Authority mentioned in a assertion.

The company is the greatest domestic airline in the U.K. with a community that incorporated more than 50 % domestic flights outdoors of London.

Airlines together with Megabus and British Airways have supplied special fares to passengers stranded at airports.

In February of 2019, Flybe was acquired by a consortium of buyers made up of Virgin Atlantic, Stobart Team, and Cyrus Money. The team promised to commit in the airline to stabilize its funds.

The U.K. Departments for Transportation, the Treasury, and the Section for Business, Power, and Industrial Method had been in discussions with the company above the issues it faced.

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