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  1. Sim, ele mesmo. Depois de quebrar a Avianca Brasil e perder o controle da Avianca Holdings, agora o GE quer ter uma participação na Alitalia. Mais uma capítulo da novela italiana... _____________________________________________________ German Efromovich, the ousted chairman of Colombian airline Avianca, is eyeing a comeback via Italy. Efromovich wants to buy a stake in the bankrupt Italian flag-carrier Alitalia SpA, financial daily Il Sole 24 Ore reported, citing a phone interview. "We wrote a letter to Ferrovie dello Stato and the adviser Mediobanca two weeks ago saying we can purchase up to 30% of Alitalia," said Efromovich, who was removed as the chairman of Avianca Holdings SA last month after a loan breach. "We want to join the company’s management and I’d like to be the chief executive officer, at least at the start." A 30% stake in Alitalia would require at least 240 million euros ($273 million), according to the newspaper. Italian railways operator Ferrovie dello Stato Italiane SpA is leading talks for a possible rescue of Alitalia, which is under special administration. Earlier this month, the Italian government extended the deadline for binding bids to July 15 after potential partners such as EasyJet Plc dropped out of the discussions. Efromovich, who has signed a non-disclosure agreement with Alitalia’s advisers, said he has the money needed for the investment and wouldn’t have to borrow. The Bolivian businessman still owns 78% of Avianca’s voting rights and 52% of the carrier’s capital, Il Sole 24 Ore said. In May, United Continental Holdings said that it took legal action in Bogota to dismiss Efromovich from Avianca’s board for defaulting on a $456 million loan. Efromovich purchased Avianca out of bankruptcy in 2004 and turned it around into Latin America’s second-biggest carrier. But last year, he offered his stake in the airline as collateral for a loan from United Continental, imperiling its future. Alitalia also lured interest from Toto Group, a holding that spans from renewable energies to toll-road concessions that is controlled by Italian entrepreneur Carlo Toto. After a failed attempt in 2008 of investing in Alitalia, Toto Group is now reviewing the option of investing in the carrier "relying on its entrepreneurial experience and adequate economic resources," a company’s spokesman wrote Sunday in a letter to daily Il Messaggero. (Adds Toto Group interest in the last paragraph.) https://www.bloomberg.com/news/articles/2019-06-30/after-losing-avianca-bolivia-s-efromovich-eyes-alitalia-sole
  2. April 28, 2020 Avianca Holdings announced (22-Apr-2020) Holdings 2019 consolidated financial statement will include an explanatory paragraph indicating that “substantial doubt exists as to our ability to continue as a going concern”, which will be added by Avianca Holdings‘ independent auditors KPMG, in the absence of further information in support of Avianca Holdings‘ ability to meet obligations. https://blueswandaily.com/kpmg-substantial-doubt-exists-as-to-avianca-holdings-ability-to-continue-as-a-going-concern/
  3. January 21, 2020 Avianca Holdings CEO Anko van der Werff, via his personal LinkedIn account, announced (17-Jan-2020) Avianca‘s strategic decision to adjust its route network seeks to benefit its passengers and offer them better options to connect with the world. Mr van der Werff stated: “We have advanced a series of efforts that may be that will allow Bogotá to become the most important hub for air connections in the region, taking into account its favourable geographical location, availability of personnel and resources, as well as the confidence that the company has in the air development of the city and the country”. He added that Avianca will continue to use San Salvador Monseñor Óscar Arnulfo Romero International Airport as Avianca‘s regional hub in Central America to efficiently connect with the north and south of the continent. The carrier plans to increase Bogota frequencies to the US and Brazil effective 29-Mar-2020. https://blueswandaily.com/avianca-ceo-bogota-to-become-the-most-important-hub-for-air-connections-in-latin-america/
  4. February 7, 2020 Avianca Holdings CEO Anko van der Werff commented on the JBA being negotiated with United Airlines, Copa Airlines and Azul, stating that the terms are almost complete and will be presented to authorities in 2020 (Estrategia y Negocios, 05-Feb-2020). Mr van der Werff said the implementation of the agreement is expected to commence in 2021. He added the agreement will allow the carriers to “coordinate capacity” to the US, allowing for better connectivity with United Airlines‘ domestic network. Mr van der Werff ensured that the agreement will not reduce capacity, but it will allow for a better allocation of resources in the market. https://blueswandaily.com/joint-business-agreement-between-avianca-azul-copa-and-united-to-be-complete-in-2020-and-implemented-in-2021/
  5. An executive of Colombia’s largest airliner Avianca sought at least $4 million in bribes to secure the purchase of 100 aircraft from Airbus, according to French authorities. The European aircraft manufacturer agreed to pay a $3.9 billion fine to French, British and American authorities after admitting to bribery practices throughout the world between 2004 and 2016. “The largest single order ever made in Latin America’s aviation history” One of these bribes was agreed with “Y,” a senior executive of Avianca’s mother companies Avianca Holdings and the Synergy Group of controversial businessman German Efromovich, Airbus’ General Councel John Harrisson admitted. French anti-corruption agency AFA said that this bribe was agreed ahead of the sale of 100 so-called A320neo aircraft in April 2015. The deal that at the time was hailed as “the largest single order ever made in Latin America’s aviation history” followed a bribery deal between Airbus’ international strategy and marketing branch, SMO International, with Y, the AFA found. The investigation revealed that from the end of 2013 it was envisaged that part of the remuneration meant for the commercial intermediary… would secretly be transferred to a senior executive of Avianca Holdings. The latter was a key intermediary for Airbus in the ongoing commercial negotiations between Avianca and Airbus on the sale of A320neo aircraft. French Anti-Corruption Agency The bribes agreed with “Y” Airbus admitted it began coveting a senior executive of Avianca Holdings and the Synergy Group in 2013. This executive should be granted “AAA treatment because we are campaigning with Avianca/Synergy,” the investigators found in a November 2013 email. In October 2014, “the senior executive of Avianca Holdings had requested a commission for his role in supporting the ongoing A320neo sales campaign to Avianca,” Airbus admitted to the authorities. This commission to Y would be deducted from the commission of Airbus’ sales intermediary in Colombia, a company executive referred to as X decided, another anonymous Airbus executive wrote SMO International in November that year. “What (X) said is that instead of the previous 20 we make 15, of which 5 for (Y). And, for the new contract, 4 for (Y) and 2 for the other.” Anonymous Airbus executive “This Airbus manager later confirmed that the figures referred to in this e-mail were “millions” [of euros] and that they concerned a payment being negotiated with the sales intermediary, part of which was to be paid to the Avianca Holdings executive,” the AFA said. Y never got the money he was promised as Airbus in 2014 froze payments to “Z,” the Colombian sales intermediary it had worked with since 2006. Airbus reported the bribery practices to British and French authorities in 2016 after an internal investigation ended the entire bribery scheme between SMO International, referred to as XX, and its partners in Colombia. You can tell (XX) that (Z) has not met his commitments to (Y) and the others!!! This resulted in an extremely difficult negotiation for our last operation. Anonymous Airbus executive All quiet in Colombia Airbus’ $3.9 billion fine dwarfs the $2.6 billion fine slapped on Brazilian engineering firm Odebrecht for its bribery practices in, among other countries, Colombia. Despite Avianca’s alleged involvement in one of the biggest bribery scandals of the century, the Prosecutor General’s Office announced no criminal investigation. Avianca, which is already embroiled in a corporate spying scandal, also remained quiet. https://colombiareports.com/colombias-avianca-embroiled-in-airbus-bribery-scandal/
  6. https://blueswandaily.com/avianca-ceo-the-situation-of-the-company-shifted-180-degrees/ February 3, 2020 Avianca CEO Anko van der Werff, via Avianca‘s official LinkedIn account, commented (30-Jan-2020) on Avianca‘s financial performance, stating: “We ended 2019 in the best way. The financial situation of the company shifted 180 degrees in comparison to Aug-2019”. Avianca CFO Adrian Neuhauser stated: “We succeeded in the negotiations with our investors after almost six months. Those funds were used to recompose us financially and we no longer have such debt”.
  7. Avianca adia por tempo indeterminado as entregas do Boeing 787 Dreamliner Foto - Boeing/Reprodução A Avianca Colombia, companhia sede da Avianca Holdings e localizada na Colômbia, divulgou ontem um novo planejamento de frota da companhia, principalmente envolvendo aviões da Airbus. Enquanto optou por adiar entregas do A320neo, e cancelar algumas, a companhia declarou que fez um acordo com a Boeing, relativo às entregas do 787, sem falar mais detalhes sobre esse contrato com a fabricante norte-americana. Mas informações divulgadas nesta quarta-feira (08/01) apontam que a companhia aérea optou por adiar indefinidamente as suas entregas, no caso para o Boeing 787 Dreamliner. A companhia tem mais três encomendas firmes para o Boeing 787-9 Dreamliner, porém nada garante que a Avianca vá operar com essas aeronaves no futuro, e pode manter somente os 13 aviões 787-8 os quais já opera na frota. A Avianca também conta com 8 aviões da família A330, para seus voos de longa distância ou grande demanda.
  8. Aeromar está en quiebra técnica: pilotos Aeromar ya adeuda más de 10 millones de pesos a los pilotos por cuestiones de prestaciones laborales, señaló Mauricio Aguilera, vocero de la Asociación Sindical Pilotos Aviadores. ROBERTO VALADEZ Ciudad de México / 14.05.2019 19:38:47 La aerolínea Aeromar se encuentra en quiebra técnica, derivado de sus deudas y debilidad financiera, informó la Asociación Sindical Pilotos Aviadores (ASPA). Mauricio Aguilera, vocero de ASPA, afirmó que ante esta situación hoy en la noche se reunirán con la Secretaría de Comunicaciones y Transportes y del Trabajo y Previsión Social para pedirles apoyo para el rescate de la empresa. Al término de la alianza de Aeroméxico en el Programa Jóvenes Construyendo el Futuro, Aguilera señaló que se encuentran muy preocupados por la situación de la aerolínea, ya que son aproximadamente mil 100 los trabajadores que se encuentran en peligro de esta aerolínea regional. Aeromar logra acuerdo laboral con pilotos y sobrecargos Interjet obtiene crédito de Bancomext por 150 mdd; busca reestructuración Indicó que Aeromar ya adeuda más de 10 millones de pesos a los pilotos por cuestiones de prestaciones laborales, cifra que puede aumentar, ya que mes con mes aumentan estos pasivos. El vocero de ASPA informó que la inyección de 100 millones de dólares de Synergy Group en Aeromar aún no se realiza, por lo que la situación es más grave. Pilotos buscarán rescate ante quiebra Los trabajadores buscarán un rescate de la compañía aérea, con el objetivo de evitar otro caso como el de Mexicana de Aviación. “Estamos en una tarea de rescate, la empresa no ha logrado una inyección de capital lo suficientemente fuerte para que pueda continuar prestando un servicio que se requiere”, mencionó Aguilera. En Aeromar con 32 años de competir en el mercado, laboran 110 pilotos y 200 sobrecargos. https://www.milenio.com/negocios/aeromar-esta-en-quiebra-tecnica-pilotos Pilotos buscarán rescate ante quiebra técnica de Aeromar De no llegar a un rescate se perdería la conectividad en rutas regionales que solo opera Aeromar como Manzanillo o Lázaro Cárdenas, advierte el ASPA. Notimex.- La aerolínea mexicana Aeromar se encuentra en quiebra técnica, por lo que los trabajadores buscarán un rescate de la compañía aérea, con el objetivo de evitar otro caso como el de Mexicana de Aviación. “Estamos en una tarea de rescate, la empresa no ha logrado una inyección de capital lo suficientemente fuerte para que pueda continuar prestando un servicio que se requiere”, mencionó el vocero de la Asociación Sindical de Pilotos Aviadores (ASPA), Mauricio Aguilera. Por ello, se reunirán con autoridades de las Secretarías de Comunicaciones y Transportes (SCT), del Trabajo y Gobernación, para buscar una solución, continuar con la operación de la línea aérea y con 1,110 empleos. Vamos a estar con el gobierno federal para que en afán de sus atribuciones y facultades, de conformidad a la ley de Aviación Civil, pueda junto con Aspa, entrar al rescate de una gran empresa de aviación, estamos dispuestos a agotar hasta el último esfuerzo”. Reiteró que el problema de fondo de Aeromar es la situación operativa y financiera, así como la falta de interés por parte de la dirección y administración de la aerolínea en acciones concretas para “que puedan salir del boquete económico que manifiestan que tienen”. De hecho, refirió que la compañía tiene un adeudo con ASPA por 10 millones de pesos, derivado de conceptos de previsión social al total de los pilotos. Sobre una inversión de Synery Group anunciada en 2016 por 100 millones de dólares con una participación de 25% de las acciones, interés que aumentó 49%, mencionó que ésta no se ha concretado. “No hay claridad en una inversión real, que pueda inyectarle capacidad financiera para que eleve su operatividad. Requerimos la intervención del gobierno federal para no dejar morir a la empresa, que prácticamente está en una quiebra técnica”. De no llegar a un rescate, puntualizó Aguilera, se perdería la conectividad en rutas regionales que solo opera Aeromar como Manzanillo o Lázaro Cárdenas; “es un impacto, se deja incomunicado a lugares donde no son atendidos por las otras empresas”. En Aeromar con 32 años de competir en el mercado, laboran 110 pilotos y 200 sobrecargos, para un total de 1,100 empleos. https://www.forbes.com.mx/pilotos-buscaran-rescate-ante-quiebra-tecnica-de-aeromar/
  9. Slot allocation at airports worldwide is often a complex process, but the divvying up of Avianca Brazil’s slots in the wake of the airline’s demise has been particularly labyrinthine. An auction of the carrier’s assets was initially called off and then held, with LATAM Airlines Group and GOL emerging as the winners. But now it seems Brazil’s government has deemed that auction invalid. That could possibly benefit Brazil’s third largest airline, Azul, which refused to participate in the auction process. Azul has also tapped social media to make its case for slots at São Paulo Congonhas, a strategic airport for all airlines in Brazil. But the outcome of the drawn-out process remains anyone’s guess as Brazil’s domestic market becomes more concentrated after Avianca Brazil’s exit. The race for Avianca Brazil's assets has had many twists and turns Avianca Brazil sought creditor protection near the end of 2018 and subsequently its fleet dwindled as some of the airline’s aircraft were repossessed and others were returned to lessors. In May-2019 Brazilian regulator suspended the airline’s operations. The carrier was the fourth largest domestic airline in Brazil behind its competitors GOL, LATAM Airlines Brazil and Azul, and its market share before it sought creditor protection was between 13% and 15%. The wind-down of Avianca Brazil’s assets – mainly coveted airport slots – has been anything but predictable. Earlier in 2019 Azul forged a non-binding agreement to acquire significant assets of Avianca Brazil, paying USD105 million for 30 Airbus 320 jets and 70 airport slots that included slots at São Paulo Congonhas. Congonhas is a key market for business travellers taking the air shuttle to Rio de Janeiro Santos Dumont airport. Azul’s service from Congonhas includes Porto Alegre, Curitiba, and Belo Horizonte. Its share of departing frequencies is just a fraction of those of LATAM Airlines Brazil and GOL. As of late Jul-2019, Azul had a total of 87 frequencies from Congonhas. São Paulo Congonhas Airport percentage of weekly departing frequencies by airline: as of mid-Jul-2019 Source: CAPA - Centre for Aviation and OAG. After Azul declared its intentions, Avianca Brazil’s largest creditor, the hedge fund Elliot Management, struck a deal with LATAM and GOL for each company to offer USD70 million for Avianca Brazil’s assets at an auction originally scheduled for early May-2019. Avianca Brazil was divided up into seven segments to be auctioned off. After a legal challenge from Swissport Brazil, a court temporarily suspended the auction. Swissport claimed that the transfer of slots was prohibited. Azul then submitted a new bid for of USD145 million for slots pairs, including the slot pairs for shuttle service from Congonhas to Rio Santos Dumont. Before submitting its latest bid for Avianca Brazil’s slots, Azul’s management declared that “Congonhas would have been an incredible cherry on top of the cake for us to show our product to the market”. Brazil's government appears to have taken over Avianca Brazil's slot allocation In Jul-2019 an auction of Avianca Brazil’s seven units occurred, but Azul refused to participate, “because it did not believe in the legitimacy of the procedure”, according to The Rio Times. Both GOL and LATAM Airlines Brazil secured slots at São Paulo Guarulhos, São Paulo Congonhas and Rio Santos Dumont. After the auction, Azul launched a campaign highlighting the duopoly on the air bridge between Santos Dumont and Congonhas, noting that 95% of slots at Congonhas are held by LATAM and GOL. Data from CAPA and OAG comparing seat shares on the air bridge from mid-Jul-2018 to mid-Jul-2019 show that in 2018 Avianca Brazil’s seat share between Santos Dumont and Congonhas was 18.1%, compared with GOL’s 38.6% seat share and LATAM’s share of 43.3%. In 2019 GOL’s share was 51.8% and LATAM’s share was 48.2%. Brazil’s aviation regulator ANAC has reportedly deemed the auction of Avianca Brazil’s asset as invalid and has resumed the process of distributing Avianca Brazil’s slots. How that process will work is somewhat up in the air. ANAC has held consultations with aviation stakeholders regarding the allocation, but the outcome is far from predictable. But ANAC’s assumption of responsibility for the slot allocation should provide Azul some hope that it can gain additional slots at Congonhas. Brazil's domestic market remains stable after Avianca Brazil's exit As ANAC works to allot Avianca Brazil’s slots at Congonhas and other airports, domestic capacity growth in the country’s domestic market for the 5 months ending May-2019 was just 0.3%, with traffic growth of 2.1%. Domestic passengers grew 2.6% year-on-year, to 37.7 million, and GOL, LATAM Airlines Brazil and Azul all grew their respective passenger shares, with Azul’s share jumping 12.9% year-on-year to 25.7%. GOL remained the market leader, with a 34.4% share of domestic passengers – an increase of 3.9% year-on-year. LATAM Airlines Brazil’s market share increased 1.5%, to 31%. Avianca Brazil’s share fell from 12.9% to 8.3% and in ensuing reports released by ANAC, Brazil’s three largest airlines should report even greater gains in passenger share now that Brazil’s fourth largest airline has officially ceased operations. Brazil's domestic market is becoming more concentrated among three airlines The latest statistics from Brazil’s government show that from Jan-2019 to May-2019 GOL, LATAM Airlines Brazil and Azul had a combined domestic passenger share of 91%. Avianca Brazil was still operating limited services during part of that period, and now that the airline has completely ceased operations, Brazil’s domestic passenger share will become even more concentrated among the country’s three largest airlines. Azul is attempting to inject competition into one of Brazil’s busiest and lucrative domestic routes, but for now its ambitions remain in the hands of the country’s regulators. Want More Analysis Like This?
  10. La colombiana Avianca Holdings comenzó el proceso para que Avianca Argentina deje de usar su marca Son dos empresas diferentes y la extranjera ya comenzó acciones para dar por terminado el contrato de licencia. La local, que no opera desde junio, presentó su concurso de acreedores la semana pasada Por Ximena Casas 22 de julio de 2019 xcasas@infobae.com La aerolínea de origen colombiano Avianca Holdings ya emprendió acciones para dar por terminado el contrato de licencia de marca que tiene con la empresa argentina Avian Líneas Aéreas, que opera en el mercado como Avianca Argentina. Los directivos de Avianca Holdings salieron esta semana a despegarse de la operación de Avianca Argentina, luego de que la aerolínea local presentara a la Justicia un pedido de convocatoria de acreedores el viernes pasado. Si bien comparten el mismo nombre, ambas compañías aéreas funcionan en forma independiente y, hasta el momento, comparten un acuerdo de utilización de marca y también a uno de sus socios. Pero ahora, frente a las dificultades financieras que atraviesa la operadora argentina, los directivos de Colombia buscan eliminar por completo ese acuerdo que los une. A comienzos de junio, Avian Líneas Aéreas pidió permiso a la Administración Nacional de la Aviación Civil (Anac) para dejar de operar por 90 días con el objetivo de reestructurar la empresa, su plan de rutas regulares y su modelo de negocios. Su situación financiera se había agravado debido a la quiebra de Avianca Brasil, de la que dependía. Finalmente, el viernes pidió el concurso de acreedores. "Tenemos un acuerdo de marca, pero somos empresas diferentes. Avianca Holdings lleva operando en el mercado casi 100 años y Avian Argentina recién empezó hace menos de un año. Estamos trabajando para explicar que la operación de Avianca Holdings continúa normalmente, con vuelos a Bogotá y a Lima", indicó Silvia Mosquera González, vicepresidente Senior de Ventas de Avianca Holdings que esta semana está en Buenos Aires. "El camino legal para el cese de uso del nombre Avianca se inició porque es importante preservar la marca", agregó la ejecutiva, y destacó que las dificultades de la empresa a nivel local están impactando negativamente en su negocio de vuelos internacionales que incluye dos vuelos diarios a Bogotá y un vuelo diario a Lima. A partir de la suspensión de la operación de Avianca Argentina, las ventas para los vuelos internacionales cayeron. "Por incertidumbre y por miedo, la gente decide no volar con nosotros. Desde la Argentina, muchos pasajeros conectaban por Bogotá para ir al Caribe y esa demanda nos ha caído bastante. Tratamos de compensar con otros puntos de venta para que vengan a la Argentina", indicó Mosquera. La Argentina representa un 3% de las ventas del grupo. En las últimas semanas, la "tarifa media" —la tarifa promedio que pagan los pasajeros por un pasaje— de los vuelos internacionales de Avianca desde Buenos Aires cayó un 15%. Las tarifas de los vuelos van cambiando según el nivel de ocupación. El impedimento de utilizar la marca es un proceso que la compañía ya aplicó con otra empresa de la región con la que tenía un acuerdo similar: Avianca Brasil. Como en el caso de la Argentina, la firma brasileña podía usar la marca en forma indefinida y con una renovación anual. "En el caso Brasil se le dieron seis meses para seguir usándola", explicó Mosquera. Además del acuerdo de uso de marca, ambas compañías —la colombiana y la argentina— comparten un accionista: el empresario Germán Efromovich. Los orígenes de Avian Argentina se encuentran en 2016 cuando Efromovich se quedó con Macair Jet, una firma de charters aéreos que había pertenecido al grupo Sideco, de la familia Macri. Efremovich también es dueño del 51% de Avianca Holdings, la empresa colombiana, pero hace algunos meses perdió el derecho a voto en la junta directiva de la compañía. ¿El motivo? Haber incumplido con las condiciones financieras del acuerdo entre BRW Aviation (su empresa y socio mayoritario de Avianca) y la aerolínea United Airlines. Las acciones de BRW habían sido incluidas en la operación como garantía de un préstamo de USD 456 millones. Con la posibilidad de perder el uso de la marca Avianca, la situación de Avian Líneas Aéreas es cada vez más complicada. La aerolínea había comenzado a volar rutas de cabotaje en la Argentina hace un año y medio: su primer vuelo salió de Rosario a Aeroparque en noviembre de 2017. Pero su llegada al mercado local estuvo marcada por varios reveses. En primer lugar, las denuncias judiciales por sospechas que vinculaban a los accionistas de la compañía con Mauricio Macri, que demoraron 14 meses el inicio de sus operaciones con un costo estimado en USD 15 millones. Luego, llegaron las dificultades financieras para Avianca Brasil, que formaba parte del mismo grupo empresario y que en diciembre de 2018 se declaró en bancarrota con deudas por unos USD 260 millones. Avianca Argentina llegó a transportar 215.000 pasajeros, con vuelos entre Aeroparque, Rosario, Mar del Plata, Río Hondo y Resistencia. A fines de diciembre debió devolver un Airbus 320 con el que tenía previsto iniciar vuelos internacionales a partir de marzo.
  11. United Airlines pilots say that since the Chicago-based carrier now controls the board of the Colombian airline Avianca, Avianca flying falls under the scope clause in their contract. The United chapter of the Air Line Pilots filed a grievance on June 6. In a report to members, Grievance Committee Chairman Joe Pedata wrote that under the scope clause, “Company flying must be performed by pilots on the United seniority list, and Avianca pilots are not on our list.” The scope clause in a pilot contract determine how much flying can be outsourced. United spokeswoman Megan McCarthy said late Tuesday, “The grievance is without merit. “Avianca Holdings remains an independent company and will continue to run their own airline,” McCarthy said. In May, United Airlines launched a management overhaul at Avianca Holdings, removing top shareholder German Efromovich from controlling the cash-strapped airline, Reuters reported. The move followed a default by BRW, Efromovich’s holding company, on a $456 million loan from United. Efromovich had controlled 51.5% of Avianca. United foreclosed on BRW and ceded voting rights to Kingsland Holding, which had been the second largest Avianca shareholder. Pedata wrote, “The transaction was many months in the making as United attempted to devise a scheme to avoid the scope provisions” in the contract. “Our belief is that, at this point, the company is no longer a simple creditor to Avianca, but rather in control of the corporation through the voting rights of Avianca's stock, which are now voted by Kingsland Holdings, a party designated by United,” Pedata said. The pilot contract defines company flying as "without limitation, all commercial flight operations of any sort whatsoever, whether revenue, nonrevenue, scheduled or unscheduled, conducted...by an entity managed by or under the control of the company.” Scope protection is a key topic as United and its pilots negotiate a new contract. The contract covering United’s 12,500 pilots became amendable Jan. 31, 2019. https://www.forbes.com/sites/tedreed/2019/06/18/united-pilots-say-avianca-deal-violates-scope-clause-in-their-contract/#545f5d194f0b
  12. Avianca signs interline and negotiates codeshare agreements with Azul and Gol in Brazil June 21, 2019 Avianca Holdings interim CEO Renato Covelo stated Aviancabookings were impacted in Brazil due to the brand connection with Avianca Brazil (O Globo, 20-Jun-2019). Avianca signed interline agreements and is negotiating codeshares with Gol Linhas Aéreasand Azul Linhas Aereas to address domestic-international connectivity demand in the Brazilian market. https://blueswandaily.com/avianca-signs-interline-and-negotiates-codeshare-agreements-with-azul-and-gol-in-brazil/
  13. Latin America’s second largest airline – Avianca Holdings – is facing one of the most tumultuous times in its 100-year history. The airline is navigating financial struggles and a CEO and board shake-up as its majority shareholder was unceremoniously removed as chairman. And although it has no formal ties to Avianca Brazil, the Brazilian airline’s misfortune has forced Avianca to stress that their operations are entirely separate. Now Avianca is in triage mode, but it does have the support from its prospective JV partner, United, which has a vested interest in ensuring that Avianca survives and thrives. Arguably, United’s Latin American strategy rests on Avianca’s rebound. Avianca and Avianca Brazil share a name but are completely separate entities The current iteration of Avianca Holdings is the result of the 2009 merger of Avianca and Taca. Avianca is Colombia’s flag carrier and is celebrating its 100th anniversary this year. Taca was the leading airline in Central America, and now under Avianca Holdings the group operates 12 airlines across Latin America. After the merger Synergy Group remained Avianca’s largest shareholder, and also used the Avianca brand to transition the Brazilian airline Oceanair to Avianca Brazil. But the two airlines always operated separately, and although there were discussions held about merging the two companies, nothing ever materialised. Avianca Brazil sought creditor protection in Dec-2018 and Brazilian regulators recently suspended the airline’s operations. There is a bit of a scuffle for Avianca Brazil’s assets, with Azul, LATAM and GOL all vying for various pieces of the airline, including valuable airport slots. Even though Avianca and Avianca Brazil are entirely separate entities, confusion still arises over their operations, and when Avianca Brazil sought creditor protection, Avianca had to clarify that it was not part of Avianca Brazil. The extent of their relationship was a limited codeshare. Avianca fights challenges from all sides, including a CEO and board shake-up Avianca posted a USD68 million loss in 1Q2019 and was recently downgraded by S&P after the ratings agency determined that it had taken the company longer than expected to refinance USD550 million in bonds due in 2020. The company’s former CEO, Hernán Rincón, has also abruptly left the airline, and more recently there’s been a shake-up in Avianca’s board. BRW Aviation, which holds Synergy’s controlling share of Avianca, defaulted on a USD456 million loan from United Airlines which was secured by BRW’s shares in Avianca. After the default, United opted to give Kingsland Holdings control of BRW’s shares. Kingsland is Avianca’s second largest shareholder and is led by Roberto Kriete, who was CEO of TACA. Mr Kriete and the head of Synergy, German Efromovich, have clashed over the years. With the transfer of power to Kingland, Mr Efromovich has been ousted as Avianca’s chairman and replaced by Mr Kriete. It is a dizzying cascade of events as Avianca works to fight currency challenges in its operating countries and regain profitability. It is also a tough blow for Mr Efromovich, who purchased Avianca out of bankruptcy in 2004 and was no doubt a guiding force through the merger with TACA. But Mr Efromovich and his brother José have other issues too. In addition to Avianca Brazil’s troubles, Bloomberg has reported that shipyards run by Mr Efromovich have shut down. United takes necessary steps to ensure that Avianca remains a strong JV partner United has stated that it is willing to lend Avianca an additional USD150 million - it has a vested interest in Avianca’s well-being. United, Avianca and Panama’s Copa Airlines are working to forge a joint venture covering routes from the US to Central and South America. Their proposed JV was in response to LATAM's attempt to create an immunised relationship with American Airlines covering flights from the US to Brazil, Chile, Colombia, Paraguay, Peru and Uruguay. The Chilean Supreme Court recently rejected the LATAM-American tie-up and a similar proposed JV between LATAM and IAG, agreeing with Chilean tourism and consumer groups that the JVs would be anticompetitive. Although the decision by the court is a blow to LATAM, it can push forward with other JVs, including Latin America’s largest aviation market, Brazil, and its third largest market, Colombia. United and Brazil’s third largest airline Azul have had discussions regarding a JV, which would give United an immunised relationship in that strategic market. Avianca is Colombia’s largest airline, representing 53% of the country’s system ASKs. Domestically, Avianca holds an approximate 55% market share. The proposed JV with Avianca would also give United a foothold in Latin America’s third largest aviation market. Colombia system ASKs by airline, as of late May-2019 Source: CAPA - Centre for Aviation and OAG. LATAM Airlines Colombia is the country’s second largest airline and Colombia is one of the countries included in the LATAM-American proposed JV. Authorities in Colombia and Brazil have already approved the proposed partnership. United essentially needs a healthy Avianca in order to compete effectively with American once its JV with LATAM takes effect, and it has taken what it deems as necessary steps to steer Avianca in a direction towards recovery. Avianca's board changes were necessitated by Synergy's challenges An element of United’s pilot contract prohibits the company from holding a majority ownership in another airline, which necessitated the move to put Kingsland in control. It is not likely that United wanted to control another airline, but it obviously wants to maintain a certain level of influence over Avianca. There is little doubt that United did not want to be mired in a board shake-up at Avianca; but Synergy’s woes created some unusual circumstances that United needed to address quickly. https://centreforaviation.com/analysis/reports/south-america-united-airlines-takes-steps-to-rectify-aviancas-unrest-475767
  14. Ezra Fieser 23/05/2019 09h27 (Bloomberg) -- A Avianca era uma companhia aérea com 37 aviões antigos quando German Efromovich apostou na empresa e evitou sua falência em 2004. Ao longo de 15 anos, o empresário boliviano transformou o negócio em uma potência regional e na segunda maior companhia aérea da América Latina. Mas, apesar de todo o sucesso, a empresa com sede em Bogotá enfrenta novamente um período turbulento. As ações da Avianca acumulam queda de quase 75% desde a abertura de capital em 2011, e seus títulos são negociados em território "distressed" diante da expectativa de que a aérea vai ter dificuldades para refinanciar a dívida. O prejuízo da Avianca no primeiro trimestre foi o maior desde 2015. O maior responsável pela turbulência é o mesmo que, até pouco tempo, era tratado como herói: German Efromovich. O milionário self-made colocou em risco o futuro da companhia aérea no ano passado, oferecendo sua participação de 51,5% na Avianca como garantia de um empréstimo da United Continental Holdings. Sua holding, a BRW Aviation, rapidamente violou os termos do contrato e, como resultado, o controle de Avianca poderia passar para as mãos da United. Embora essa mudança provavelmente seja positiva para acionistas minoritários e detentores de bônus da Avianca, a atual incerteza criou uma miríade de problemas para a companhia, ao mesmo tempo em que um vencimento de US$ 550 milhões em bônus se aproxima no ano que vem. "Estamos muito preocupados com a instabilidade da empresa no momento", disse Jaime Hernandez, presidente do sindicato de pilotos colombianos ACDAC, que em 2017 fizeram uma greve de quase dois meses para exigir melhores salários e benefícios. "Éramos uma ótima empresa e, recentemente, a administração tem sido muito ruim para nossas operações, nossa reputação." Efromovich, que também é presidente do conselho da Avianca Holdings, disse em entrevista a uma rádio em Bogotá na terça-feira que não havia possibilidade de a United assumir o controle da empresa em breve. A situação da Avianca está "sob controle", disse à Blu Radio. Em resposta por escrito às perguntas da Bloomberg, Efromovich negou que os problemas em seus outros negócios estejam trazendo riscos para a Avianca, que não faz parte do empréstimo. "Tudo está alinhado com a United conforme o contrato de empréstimo. Não há nada para corrigir ", escreveu. A United disse que não assumiu o controle das ações da Avianca e que está trabalhando com a holding BRW. Situação pode mudar a qualquer momento Mas é uma opção que pode ser exercida a qualquer momento. A decisão acionaria cláusulas relacionadas à mudança de controle em vários empréstimos e que poderiam forçar a companhia a buscar US$ 1,5 bilhão para pagar credores, segundo analistas da corretora Corredores Davivienda, de Bogotá. O valor supera em mais de quatro vezes o montante que a empresa tinha em caixa no fim do primeiro trimestre. Mesmo que a United não assuma o controle da companhia aérea, apenas o fato de poder fazê-lo complica os esforços da Avianca para operar e obter financiamento. Os investidores estão cautelosos em emprestar para uma empresa que, a qualquer momento, pode ficar na corda-bamba por não ter recursos para pagar credores. A Avianca é apenas o mais recente desafio para Efromovich, que viu partes do conglomerado que construiu na América Latina com o irmão, José, ruir nos últimos anos. Seus estaleiros foram fechados. A Avianca Brasil entrou em recuperação judicial. E agora corre o risco de perder a Avianca Holdings. Empresário salvou Avianca da falência É uma reviravolta e tanto desde 2004, quando Efromovich era elogiado em toda a Colômbia por ter resgatado a segunda companhia aérea mais antiga do mundo. (O primeiro voo foi realizado em 1920, transportando passageiros entre os municípios de Barranquilla e Puerto Berrio.) Anteriormente controlada pela família mais rica do país, começou a perder dinheiro na esteira dos ataques terroristas de 11 de setembro e da recessão global que se seguiu. Efromovich comprou a Avianca, que estava em processo de falência, por US$ 64 milhões e assunção de dívida. Formado em engenharia mecânica e tendo estreado no ramo de aviação no Brasil, Efromovich dobrou o número de aeronaves operadas pela Avianca e logo começou a ter lucro. No ano passado, os 190 aviões da Avianca transportavam 30 milhões de passageiros, perdendo apenas para a Latam Airlines na região. A sorte de Efromovich começou a virar em 2014, no início da pior recessão do Brasil. O empresário fez um empréstimo com a Elliott Management para financiar as operações de seus estaleiros, mas que acabaram fechando. (Com a colaboração de Fabiola Moura e Pablo Gonzalez) https://economia.uol.com.br/noticias/bloomberg/2019/05/23/apos-salvar-avianca-efromovich-corre-risco-de-perder-controle.htm
  15. There is no doubt that the shrinking of Avianca Brazil has altered market dynamics in Brazil’s domestic market, and the country’s three largest airlines believe Avianca Brazil’s bankruptcy will create opportunities for the country’s remaining carriers. GOL, LATAM Airlines Brazil and Azul have all been vying for Avianca Brazil’s assets but the government suspended an asset auction, including airport slots, and now the fate of Avianca Brazil is anyone’s guess. While the government drags its feet on rescheduling an auction or some other form of asset dispersal, Avianca Brazil continues to languish with Brazilian operators suspending the airline's operations. As the uncertainty over the fate of Avianca Brazil shows no signs of disappearing in the near future, Brazil’s airlines maintain a reasonably positive view of the domestic market, despite headwinds created by rising fuel prices and currency devaluation. Avianca Brazil's market share falls as its fleet shrinks Brazil’s domestic travel increased by 4.3% year-on-year in 1Q2019 on 3.4% capacity growth. GOL remain the domestic market share leader, with a 36% share. LATAM Airlines Brazil’s share slipped 2.8ppt year-on-year to 30.8%, and Avianca Brazil’s share plummeted 12.2% to 11.0% as its ASKs dropped 7.5%. Brazil domestic traffic share by airline for 1Q2019 Airline Domestic share GOL 36% LATAM Airlines Brazil 30.8% Azul 21% Avianca Brazil 11.9% Source: Brazil ANAC. Avianca Brazil sought creditor protection in Dec-2018, and since that time the airline has had some aircraft repossessed and has returned others to lessors. CAPA’s fleet database shows the airline has six aircraft in its operating fleet as of late May-2019 – down from an operating fleet of close to 50 aircraft. Avianca Brazil fleet summary as of mid-May-2019 Source: CAPA Fleet Database. The capacity reduction is in some ways strengthening an already rational domestic market in Brazil. Recently, executives from Azul remarked that at one point Avianca Brazil had approximately a 13% to 15% market share in Brazil, and “we believe that in all scenarios only about half that capacity will ever put back into the market, which I think is very healthy overall for Brazil”, said chief revenue officer Abhi Shah. LATAM Airlines ups 2019 Brazil domestic capacity as Avianca Brazil shrinks Citing a healthy demand environment and the “declines recently made by one of our competitors”, LATAM Airlines Brazil’s management have said that the airline is boosting its domestic capacity growth in Brazil in 2019 5% to 7%, from original projections of an increase of 2% to 4%. LATAM Airlines Group is shrinking its planned international growth to flat to a 2% increase, a reduction from previous estimates of a 3% to 5% expansion. The company’s overall capacity growth for 2019 is now projected at 3% to 5%, versus previous estimates of an increase of 4% to 6%. LATAM has agreed to forge leasing deals on 10 Airbus A320s that the lessor Aircastle reposed from Avianca Brazil and has not made a final decision about where those aircraft will be deployed. The company believes that opportunities exist in Brazil, as well as Chile, Peru and Colombia. Avianca Brazil's reorganisation has been mired in unpredictability Avianca Brazil’s bankruptcy protection has been complex and somewhat temperamental. Earlier in 2019 Azul forged a non-binding agreement to acquire significant assets of Avianca Brazil, paying USD105 million for 30 Airbus 320 jets and 70 airport slots that included slots at São Paulo Congonhas. Azul does not currently serve Congonhas, which is key market for business travellers taking the air shuttle to Rio de Janeiro Santos Dumont airport. See related report: Brazil aviation: positive outlook and Azul is still opportunistic Subsequently, Avianca Brazil’s largest creditor, the hedge fund Elliot Management, struck a deal with each of LATAM and GOL to offer USD70 million for Avianca Brazil’s assets at an auction originally scheduled for early May-2019. The company was divided up in seven segments to be auctioned off. After a legal challenge from Swissport Brazil, a court temporarily suspended the auction. Swissport claimed that the transfer of slots was prohibited. At the same time, Azul has submitted a new bid for of USD145 million for slots pairs, including the slot pairs for shuttle service from Congonhas to Rio. Prior to submitting its latest bid for Avianca Brazil’s slots, Azul’s management declared that “Congonhas would have been an incredible cherry on top of the cake for us to show our product to the market”. There has been no indication of a rescheduling of the auction, but Reuters is reporting that Elliot has opposed Azul’s latest bid, which further muddies the fate of Avianca Brazil. LATAM executives have stated that if there is no action for Avianca Brazil’s airport slots then the process would fall under current rules, which means they would be returned to a pool and distributed to the “current players”. As a result, Azul would lose out on an opportunity at Congonhas. Brazil's domestic market remains on solid ground, driven by sustained demand As the industry waits for the outcome of Avianca Brazil’s bankruptcy, the overall domestic market in Brazil remains solid despite rising fuel expense and currency pressure. LATAM has calculated that the BRL/USD average exchange rate for 1Q2019 was BRL3.77 per USD. Its Brazilian unit revenues denominated in the BRL grew 7.2% year-on-year in 1Q, but dropped by 7.2% measured in the USD. The company has seen fares increase and is forecasting double digit BRL unit revenue growth for its domestic operations in Brazil during 2Q2019. GOL’s year-on-year 2Q2019 unit revenue comps will be slightly inflated due to a trucker’s strike in Brazil during mid-May-2018 that pressured demand. But the airline is experiencing strong bookings and yields in Brazil’s domestic market. Azul has also commented it had experienced solid bookings in Apr-2019 and May-2019, noting a favourable balance between volumes and fares. Brazil's airlines should continue to maintain rational capacity growth Brazil’s domestic airlines have maintained a positive view of the domestic market over the past few months as the country slowly emerges from a recession. For now, it seems that those airlines are achieving a certain level of fare traction in the market as Avianca Brazil has now ceased operations. There is little doubt that at some point Avianca Brazil’s assets will be absorbed by the remaining airlines, and it appears those operators are aiming to maintain some degree of rational capacity growth in Brazil. https://centreforaviation.com/analysis/reports/brazilian-aviation-avianca-brazils-decline-assets-for-grabs-474772
  16. http://www.aviacionnews.com/blog/2019/05/pese-a-los-malos-pronosticos-avianca-argentina-deposita-su-esperanza-en-la-subasta-de-activos-de-avianca-brasil/ Por SGR - 05/02/2019 La noticia, publicada esta semana por un diario económico de Argentina, generó preocupación tanto en despachos oficiales como entre los empleados que aún resisten desde la empresa. La nota afirmaba categóricamente que Avianca Argentina habría de quebrar en 20 días. En la empresa no están de acuerdo con este diagnóstico, aunque reconocen que la empresa transita una etapa que bien podría resumirse en la palabra “aguantar” -vaya uno a saber hasta cuando- y en “perder la menor cantidad posible de plata”, que obviamente alguien pone para mantenerla con vida. Hoy Avianca Argentina solo dispone de dos ATR para atender el par de destinos que aún mantiene en pie: Santa Fe y Mar del Plata. Programación que con un ATR alcanza. Más que los 20 días que le auguran de vida, la expectativa de quienes aún no pierden las esperanzas están puestas en el 7 mayo, cuando el juez brasileño que lleva la convocatoria de Avianca Brasil abra los sobres con las ofertas por las siete “Unidades Productivas Aisladas” (slots, aviones, personal, programa de fidelidad, etc.) en que se han dividido los activos de la compañía. Recién entonces se sabrá a que quedó reducida la hasta ahora 4º aerolínea brasileña y a cuánto ascienden los fondos recaudados en la subasta que irán a la empresa residual encargada de responder por los pasivos. Si bien legalmente se puede afirmar que Avianca Holding, Avianca Brasil y Avian Líneas Aéreas (Avianca Argentina) son sociedades independientes, las tres están atravesadas por un único apellido: Efromovich (Synergy Group). Más en el caso de Avianca Argentina que nació “colgada” de Avianca Brasil, que además es su garante. La devaluación de mediados del 2018 y la anulación ante de despegar del vuelos Buenos Aires-San Pablo fueron dos golpe duros para la filial argentina. Lo cierto es que hoy todas las empresas están en dificultades: Avianca Holding perdió estos días, sorpresivamente, a su presidente Hernan Rincón, cuyos motivos expuestos en la renuncia nadie cree. Su Germán Efromovich, presidente de la Junta Directiva y principal accionista, tiene además una deuda con United Airlines por U$S 450 millones, préstamo garantizado con acciones de la empresa colombiana. La compañía brasileña, por su parte, en convocatoria de acreedores y la argentina, con pedido de “proceso preventivo de crisis”, y a la espera de un milagro. Recién el 7 de mayo se sabrá si los milagros existen.
  17. Changing market dynamics are driving several network adjustments at Latin America’s two largest airline groups – LATAM and Avianca Holdings. Those companies are navigating currency pressure and rising fuel costs, and as a result they are working to maximise the profitability of their respective networks. LATAM is opting to cut some long haul flights and service to Argentina, and instead will focus on regional international routes and growing service in Brazil’s domestic market as its competitor Avianca Brazil continues to shrink. Avianca’s adjustments include essentially exiting Peru’s domestic market and cutting some service to the US from its Bogotá hub. At the same time, the company is opting to add capacity from Bogotá to some larger domestic routes in Colombia and Chile. Airlines worldwide are constantly scrutinising their networks as demand patterns shift. For now, it appears that LATAM and Avianca see more opportunities within Latin America for fortifying their largest hubs. LATAM makes several route adjustments, including major cuts to Argentina LATAM Airlines Group is cutting eight routes in 2019 and adding nine new pairings. All the new routes are within South America and the cuts are largely focused on Argentina, along with some long haul markets that have weaker demand. LATAM executives recently explained that the company was cutting its international supply to Argentina by 20%. Argentina is in the midst of economic turmoil and its currency has plummeted, which has affected international inbound travel to the country. Government data show that international passenger levels fell year-on-year from Jun-2018 to Dec-2018, falling as much as 7% both in Oct-2018 and Nov-2018. Domestic passenger levels grew steadily in 2018, but there is little doubt that Argentina’s airlines battled weak yields. See related report: Argentina LCCs at risk if Ms Kirchner returns LATAM is cutting flights from its hubs in Santiago and São Paulo to Tucumán and Rosario. Data from CAPA and OAG show that it was the only operator on those flights. Chile’s Sky Airline ended service from Santiago to Rosario in Oct-2018. LATAM Airlines Group planned route changes in 2019 Source: LATAM Airlines Group. After LATAM ends flights from Rio de Janeiro to Miami its oneworld partner American will be the only airline operating on the route. Bogotá-Cancún is the most crowded route, with Avianca, Interjet and LATAM all offering flights on the pairing. Avianca also operates flights from Bogotá to Aruba. On the long haul routes that LATAM is eliminating, Lufthansa operates São Paulo-Munich and Alitalia offers service between São Paulo and Rome. LATAM increases Brazil capacity and adds new routes from Santiago and Lima LATAM believes opportunities exist to bolster connectivity within South America from its hubs in Santiago and Lima, its second and third largest bases measured by ASK deployment. LATAM Airlines Group system top ten hubs/bases/stations by ASKs, as of late May-2019 Source: CAPA - Centre for Aviation and OAG. Of the nine new routes LATAM is launching, it only has competition on three of those pairings. Avianca has a 66% seat share between Lima and Cali, and Amaszonas operates between Cuzco and La Paz. Avianca Brazil and GOL have a 50-50 split on seats from São Paulo to Navegantes. Avianca Brazil is in the process of a bankruptcy restructuring and is continuing to shrink its network, and as a result LATAM believes that process is creating opportunities in the Brazilian domestic market. LATAM is boosting domestic capacity growth in Brazil in 2019 to 5% to 7%, from original projections of an increase of 2% to 4%. LATAM Airlines Group is shrinking its planned international growth from flat to a 2% increase, a reduction from previous estimates of a 3% to 5% expansion. The company’s overall capacity growth for 2019 now projected at 3% to 5%, versus previous estimates of an increase of 4% to 6%. Avianca cuts back much of Peru and some US longer haul service Avianca is also undertaking several network adjustments in 2019, cutting domestic routes in Peru due to their underperformance. The company has also explained that Peru has been a challenging market for Avianca for many years, noting that it was “not very lucky” with some of the slots it received in its efforts to create a schedule that was attractive to business travellers. The company is focusing on international operations from its Lima hub, which is Avianca’s second largest after Bogotá measured by ASKs. Avianca is maintaining services on domestic flights between Lima and Cuzco, a major trunk route in Peru. Avianca Holdings system top ten hubs/bases/stations by ASKs, as of late May-2019 Source: CAPA - Centre for Aviation and OAG. Other routes that Avianca is cutting in 2019 include Lima-Mendoza, and Bogotá to Montreal, Boston and Chicago O’Hare. It is also eliminating service from Cartagena to Pereira and New York JFK. Of all the routes it is cutting in 2019, it only faces competition on two of the pairings – LATAM on flights from Lima to Mendoza, and Viva Air Peru and Aeropostal on services between Cartagena and Pereira. Overall, Avianca is suspending 16 routes but also stated that it was adding capacity on its routes from Bogotá, to Medellín, Cali and Santiago. Avianca is planning modest capacity expansion in 2019. Its current guidance shows a range of flat growth to a 2% increase. The company has faced a challenging start to 2019, and its CEO Hernán Rincón recently left Avianca. Additionally, it has adjusted its EBIT margin forecast downward from a range of 7% to 9%, to 5.5% and 7.5%. More changes could be on tap as demand patterns shift in Latin America Both LATAM and Avianca are making interesting network moves in 2019, cutting some longer haul services in favour of focusing on more promising flights within South America. The changes reflect each airline’s assessment in demand, and the conclusion that more profitable opportunities exist on regional international routes. There is no doubt that those airlines are studying more network adjustments as demand patterns continue to shift in 2019. https://centreforaviation.com/analysis/reports/avianca-and-latam-shift-focus-more-locally-475002
  18. 17-May-2019 2:07 AM Avianca Holdings interim CEO Renato Covelo commented (15-May-2019) on 1Q2019 operations and results, stating: "Avianca Holdings had a difficult start of the year". He proceeded to describe a "challenging environment" created by the foreign exchange pressures on fuel prices and "other obstacles". Mr Covelo added that the carrier was able to "advanced important strategic objectives… on several different fronts. These are initial indications of our success in stabilising our business, as we pivot from a growth-driven strategy to now focus on our core business units, namely our passenger, loyalty and cargo operations, with a strong emphasis on profitability and strengthened cash generation". https://centreforaviation.com/news/avianca-ceo-1q2019-a-difficult-start-of-the-year-in-a-challenging-environment-904555 Avianca reduces ‘average fares by 4.2% given the macroeconomic weakness’ in several markets May 17, 2019 Avianca Holdings attributed (15-May-2019) the USD18.5 million operating income (EBIT) in 1Q2019, with a 1.6% EBIT margin in 1Q2019 primarily to a 1.5% year-on-year decrease in total operating revenues as Latin American currencies devalued against the USD and average fare reduced by 4.2% resulting in a 6.2% reduction in passenger yields, reaching USD 8.6 cents. Avianca stated: “Avianca decided to reduce average fares by 4.2% this quarter given the macroeconomic weakness of several Latin American currencies”. Passenger revenues reduced by 0.1% while cargo and other revenues reduced by 8.4%, primarily due to the termination of a commercial agreement with Etihad and a reduction in chartered cargo operations. These effects were partially offset by an increase in regular cargo revenues due to a 2.4% increase in transported tons. Cargo and other revenues represented 15.7% of total revenues in the quarter. https://blueswandaily.com/avianca-reduces-average-fares-by-4-2-given-the-macroeconomic-weakness-in-several-markets/
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