Avianca appeals ruling against government loan

Avianca appeals ruling against government loan

Debt Loans Economy & Policy Colombia

Colombian airline Avianca said it appealed a court ruling that blocked the disbursement of a $370 million loan from the government, claiming that it has met conditions for collateral and interest rates, according to a securities filing on Wednesday. The airline, which filed for bankruptcy in May, has lined up $2 billion in debtor-in-possession (DIP) financing to stay afloat, including an 18-month loan from FOME, an emergency fund that the government formed in mid-March to respond to the COVID-19

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