Latin American Airline Avianca Files For Bankruptcy

Avianca Holdings, based in Bogota, Colombia, and the second oldest airline in the world, has declared Chapter 11 bankruptcy in New York, citing the coronavirus pandemic as a major factor in its financial struggles. The airline, which is 100 years old, has lost 80% of its revenue and has not paid most of its 20,000 employees since late March. Despite seeking financial assistance from the Colombian government, Avianca has been unsuccessful. The pandemic has severely impacted the global travel industry, with 90% of flight traffic halted.

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