US court approves Avianca financing

US court approves Avianca financing

Debt Loans Corporate & Sovereign Strategy Regulation Coronavirus Colombia Andean US

Colombia's Avianca said Monday that a US bankruptcy court has approved $2 billion in debtor-in-possession (DIP) financing, clearing another hurdle in the airline's Chapter 11 proceedings. As Avianca said when it submitted the plan in September, the DIP financing involves $1.27 billion in one tranche and $722 million in another. It also includes roughly $1.2 billion in new funds with $881 million in the first tranche and $336 million in the second. The first tranche charges Libor plus 10.5%, but

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