Avianca names new CEO

Avianca names new CEO

People Debt Bonds Capital Markets Colombia

Colombian airline Avianca said it has named Anko van der Werff as its new CEO, stepping in for the interim head Renato Covelo.

Van der Werff joins Avianca from Aeroméxico, where he was the executive commercial vice president for five years, Avianca said in a press release. He has also worked for Qatar Airways and Air France-KLM.

Fitch Ratings last week downgraded Avianca to B- from B due to high debt levels and refinancing risks. The airline has $550m in bonds due in May 2020, but it has hired three banks to refinance the notes before the end of the third quarter this year. It has also received an offer for $250m in loans from its shareholders United Airlines and Kingsland Holdings.

Avianca had $357m in cash and $626m in short-term debt at the end of the first quarter this year, according to Fitch.

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