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Region: Avianca looking for new investors

By  |  June 7, 2016

Avianca, one of Latin America’s largest air carriers, has announced it is looking for new investors, possibly even considering a “total sale.”

The airline’s president German Efromovich has revealed that, due to difficulties in collecting outstanding debt from Venezuelan operations, the company has been forced to write off from its ledgers close to 326 million dollars owed. The move is seen as necessary to strengthen Avianca as it solidifies itself, including possible plans to re-merge with its sister company, Avianca Brasil.

Recently, Avianca delayed its order of more than 100 new Airbus aircraft, which were to be delivered by 2019. Avianca is one of the largest air carriers in Latin America, with over 21,000 employees and serving over 100 destinations.

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