Covid19: Airlines Affected and going bankruptcy
The second largest airline in New York/SAO PAULO (Reuters) – Avianca Holding SA, filled for chapter 11 bankruptcy on Sunday finding it hard to stand.
The Corona virus crisis with an estimated liabilities between $1 billion to $10 billion in a filing with U.S Bankruptcy court for the southern district of New York
Avianca is one of the oldest airlines in the world And knows as a source of pride to the Columbians although it had faced bankruptcy in past years but later gained business strength.
The airline had been in a weak financial position before the covid19 lockdown.
S&P downgraded the airline to CCC probably because it faced a $65 million bond payment on Sunday that analysts did not think the airline was in a condition to meet.
Employees had taken unpaid leave as a result of the crisis and the carrier had no certain date to resume operations.Covid19: Airlines Affected and going bankruptcyhttp://Www.google.com
Avianca makes the third of Efromovich’s airlines to go out of business.Covid19: Airlines Affected and going bankruptcy
To get an ease from this problem I personally suggest the airline gets a lone from the world Bank or The back of France immediately after the covid19 lockdown.
They can also assist in transition of helpless citizens in different countries during this pandemic as a source of more income to their finance.