Avianca Holdings, the largest airline in Colombia and the second largest in Latin America, reported Thursday that it deferred until 2023 the payment of the majority of a US $ 550 million debt due in 2020.
"Avianca Holdings declares the bond exchange offer successful with 86.4% stake, "the company said in a statement.
The interest rate on the new bonds, which expire in 2023 and replace those that ended in 2020, grew from 8.37% to 9%, according to the airline, which faces a delicate financial situation.
Bondholders who have not accepted the offer will have until September 25 to become part of the agreement, he added.
"We expect the company to quickly reach an agreement with the other creditors and business partners in order to make the investment we have announced with United Airlines, and keep moving forward with the plan Avianca 2021"said the president of the company's board of directors, Roberto Kriete, according to the bulletin.
The acceptance of the postponement of the debt by the majority of creditors was also key to advancing in a financing agreement of US $ 250 million that is negotiated with United Airlines Y Kingsland, minority shareholder that manages the company by mandate of the US airline.
Avianca Holdings it had a net loss of US $ 475.94 million in the first half of 2019 against US $ 31,972 million in the same period last year, according to its balance sheet released on August 15.
TO Avianca Holdings it is integrated by the airlines Avianca Y Tampa Cargo (Colombia), Aerogal (Ecuador) and the Group companies Taca International Airline, with headquarters in Central America and Peru.
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