Avianca lands funds to emerge from bankruptcy

Avianca lands funds to emerge from bankruptcy

Corporate & Sovereign Strategy Debt Loans Regulation Colombia United States

Colombian airline Avianca has asked a US bankruptcy court for permission to replace a debtor-in-possession (DIP) loan with $1.6 billion in long-term financing to emerge from Chapter 11 proceedings, according to a securities filing on Thursday. The new financing is enough to refinance $1.4 billion in DIP obligations with $220 million left over. It involves one tranche for $1.05 billion from many of the existing DIP lenders and second tranche for $550 million from new lenders, the Bogotá-based air

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