April 4, 2019 |
Elliott Management asks the two airlines to present separate offers for at least $70m
Elliott Management has asked Gol and Latam Airlines to present offers of at least $70m for assets in the bankrupt carrier Avianca Brasil, the two airlines said in separate statements.
In a revised restructuring plan from Elliott, Avianca Brasil will be divided into seven units that will be auctioned off individually. Six of the units will hold Avianca Brasil's runway slots at the Congonhas, Santos Dumont and Guarulhos airports and the airline's operating certificates, while the seventh unit will have Avianca Brasil's mileage program Amigo, Gol said in a securities filing.
Local rival Azul gave Avianca Brasil BRL31.6m ($8.16m) to make payroll last month and it offered to buy $105m in assets from the bankrupt airline, including 30 Airbus A320 aircraft, 70 pairs of airport runway slots and the operating certificates. The two sides did not reach an agreement, however, and Avianca Brasil started to receive offers from other bidders.