Avianca Holdings

Avianca Holdings (formerly AviancaTaca AirHoldings Inc.) is a Latin American airline holding company formed in February 2010 by the merger of two airlines, Avianca from Colombia and TACA Airlines from El Salvador.[2][3]

Avianca Holdings S.A.
TypeSociedad Anónima
BVC: PFAVH
NYSE: AVH (delisted in 2020)
IndustryAir transport
FoundedFebruary 2010
HeadquartersSan Salvador, El Salvador
Number of locations
El Dorado Int'l Airport - Bogotá
El Salvador International Airport - San Salvador
Juan Santamaría International Airport - San José, Costa Rica
Key people
Roberto Kriete (Chairman)
ProductsAir passenger transport (Avianca)
Air cargo transport (Avianca Cargo)
Ground cargo transport and courier (Avianca Deprisa)
Aircraft maintenance and staff training (Avianca Services)
Frequent-flyer program (Avianca LifeMiles)
Travel and holiday services (Avianca Tours)
Air taxi and charter services (Avianca Taxi)
Revenue US$ 4.3 billion (2012)
US$ 198.6 million (2012)
Number of employees
19,000
ParentSynergy Group
SubsidiariesAvianca
Avianca Express
Avianca El Salvador
Avianca Costa Rica
Avianca Ecuador
Avianca Honduras
Avianca Guatemala
Avianca Cargo
Helicol
Websitewww.aviancaholdings.com
Footnotes / references
fleet size: 107 (134, regional airlines and charter)[1]
destinations: 100

On May 10, 2020, Avianca filed for Chapter 11 bankruptcy in the United States after failing to pay bond holders, becoming one of the major airlines to file for bankruptcy due to the COVID-19 pandemic crisis.[4][5][6]

Operations

The company is the second largest airline holding in Latin America by revenue and fleet size after LATAM Airlines Group based in Santiago, Chile. With a fleet of 173 aircraft and more than 19,000 employees, Avianca serves over 100 destinations in America and Europe, which connect to over 750 destinations worldwide through codeshare agreements with partner airlines. Avianca carried 24,6 million passengers in 2013.[7]

Paradise Papers

On 5 November 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that the former company's Chairman Germán Efromovich was linked to an offshore conglomerate used for the aerocommercial holding business with ramifications in Bermuda, Panama and Cyprus. Efromovich used a Panamanian offshore that hid more than 20 firms located in tax havens. The conglomerate was used by Avianca Holdings in the purchase of MacAir Jet, now Avianca Argentina, aircraft company owned by Macri Group, for an amount of US$10 million. Allowing Avianca to make headway in the low-cost carrier business in Argentina. The Argentine government accepted this offshores as a financial guarantee to assign air routes to Avianca which is now being investigated by the Argentine federal justice system.[8]

Bankruptcy

In May 2020, Avianca Holdings filed for Chapter 11 Bankruptcy due to closure of commercial air traffic in Colombia with the start of COVID-19 pandemic, and in November, the U.S. Bankruptcy Court for the Southern District of New York approved its $2 billion refinancing plan.[9][10]

Shareholding

Shareholding composition of Avianca Holding S.A. as of April 8, 2019:[11]

  • BRW Aviation LLC - 51,53 %
  • Kingsland Holdings Limited - 14,46 %
  • United Airlines - less than 1 %
  • Avianca Holdings S.A - 15,64 %
  • Several pension funds plus numerous individual investors, mostly Colombian and others - 17, 37%

Subsidiaries

Former Subsidiaries

References
  1. fatos e números Archived April 2, 2013, at the Wayback Machine Pagina oficial da Star Alliance, Julho 2012
  2. BVC: PFAVH
  3. Quiénes Somos Avianca Holdings S.A. Fact Sheet, aviancaholdings.com, retrieved 16 June 2017
  4. "Avianca files for bankruptcy in the United States due to the COVID-19 crisis". Explica. 11 May 2020. Retrieved 11 May 2020.
  5. "Avianca Holdings files for Chapter 11". CH-AVIATION. 10 May 2020. Retrieved May 11, 2020.
  6. "World's 'second oldest airline' files for bankruptcy". www.9news.com.au. Retrieved 2020-05-12.
  7. Avianca Holdings - Corporate Presentation 2014 Archived 2016-03-04 at the Wayback Machine. aviancaholdings.com. Retrieved 14 May 2015
  8. Delfino, Emilia; Crucianelli, Sandra; Fitz Patrick, Mariel; Brom, Ricardo; Jastreblansky, Maia; Ruiz, Iván; Alconada Mon, Hugo (10 November 2017). "Paradise Papers - El entramado de más de 20 offshores detrás del desembarco de Avianca". Perfil. Retrieved 10 November 2017.
  9. Emblin, Richard (17 November 2020). "Avianca US$2 Billion refinancing plan approved by Chapter 11 court". The City Paper. Retrieved 4 December 2020.
  10. Visconti, Ambrogio (10 November 2020). "Avianca Holdings' $1.5 Billion DIP Financing". Global Legal Chronicle. Retrieved 4 December 2020.
  11. "Composición Accionaria Avianca Holdings S.A." (PDF).
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