Another major international airline has gone bankrupt in the wake of the coronavirus pandemic.
Colombian airline Avianca (AVH) filed for Chapter 11 bankruptcy in the US Southern District of New York on Sunday, blaming its collapse on the "unforeseeable impact of the Covid-19 pandemic," according to a company statement. It will continue to operate during the bankruptcy process.
Avianca, which was founded in 1919, claims to be the world's second-oldest continuously running airline. As of the end of last year, it was the third-largest airline in Latin America based on market share, after Chile's LATAM Airlines (LTM) and Brazil's GOL Linhas Aéreas (GOL), according to Euromonitor.
The carrier is also part of the Star Alliance, the industry group that includes other big players such as Lufthansa (DLAKY) and Singapore Airlines. Last year, a holding company affiliated with United Airlines (UAL) bought a majority stake in Avianca.
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