Avianca Group
Avianca Group International Limited (formerly Avianca Holdings S.A. and AviancaTaca Holding Inc.) is a pan-regional Latin American multinational airline holding company with its registered office in St Albans, England, and its global headquarters in Bogotá, Colombia. It was formed in February 2010 after a merger agreement between Avianca and TACA Airlines, the flag carriers of Colombia and El Salvador respectively, when Avianca and TACA became wholly owned subsidiaries of Avianca Holdings. TACA Airlines shareholders were given 29% and Avianca Airlines shareholders were given 71% of the shares in the new company.[2][3][4]
Avianca Headquarters in Bogotá | |
| Type | Private limited Company |
|---|---|
| BVC: PFAVH NYSE: AVH (delisted in 2020) | |
| Industry | Air transport |
| Founded | February 2010 |
| Founder | Ernesto Cortissoz |
| Headquarters | St Albans, England, UK Registered office Bogotá, Colombia Corporate headquarters |
Number of locations | |
Key people | Adrian Neuhauser (CEO) Roberto Kriete (Chairman) |
| Products |
|
| Revenue | US$ 4.3 billion (2012) |
| US$ 198.6 million (2012) | |
Number of employees | +19,000 |
| Parent | Synergy Group |
| Subsidiaries | |
| Website | www |
| Footnotes / references fleet size: 107 (134, regional and charter)[1] destinations: 100 | |
The company was previously listed on the New York Stock Exchange and the Colombia Stock Exchange as Avianca Holdings. Since its inception, the Avianca Group has expanded its portfolio of operations and brands with the acquisition of the Mexican AeroUnion in 2014. The Group also owns the Avianca Express brand and LifeMiles, the Avianca rewards program.
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.[5]
Paradise Papers
On November 5, 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that the company's former 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 these offshores as a financial guarantee to assign air routes to Avianca which is now being investigated by the Argentine federal justice system.[6]
Bankruptcy
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.[7][8][9]
In November 2020, the U.S. Bankruptcy Court for the Southern District of New York approved its $2 billion refinancing plan.[10][11]
In November 2021, Avianca Holdings announced they would move their legal address from Panama to the United Kingdom, and that they would change their name to Avianca Group.[12] On December 1, 2021, Avianca emerged from Chapter 11 bankruptcy for the second time in its history.[13]
Shareholding composition of Avianca Holding S.A. as of March 31, 2021:[14]
- 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
Current
- Avianca
- Avianca Cargo
- Helicol
- PAS - Petroleum Aviation and Services
- Avianca Costa Rica
- Avianca Ecuador
- Avianca El Salvador
- Avianca Express
- Avianca Guatemala
- Avianca Honduras (dormant)[15]
Former
- Aeroperlas
- Avianca Perú
- La Costeña (active independently)
- Sansa Airlines (active independently)
- VIP Ecuador
See also
References
- ^ fatos e números April 2, 2013, at the Wayback Machine Pagina oficial da Star Alliance, Julho 2012
- ^ "Avianca Holdings S.A. SEC Registration". sec.report. Retrieved 2021-06-13.
- ^ BVC: PFAVH
- ^ Quiénes Somos Avianca Holdings S.A. Fact Sheet, aviancaholdings.com, retrieved 16 June 2017
- ^ Avianca Holdings - Corporate Presentation 2014 2016-03-04 at the Wayback Machine. aviancaholdings.com. Retrieved 14 May 2015
- ^ Delfino, Emilia; Crucianelli, Sandra; Fitz Patrick, Mariel; Brom, Ricardo; Jastreblansky, Maia; Ruiz, Iván; Alconada Mon, Hugo (10 November 2017). . Perfil. Archived from the original on 10 November 2017. Retrieved 10 November 2017.
- ^ . Explica. 11 May 2020. Archived from the original on 16 May 2020. Retrieved 11 May 2020.
- ^ "Avianca Holdings files for Chapter 11". CH-AVIATION. 10 May 2020. Retrieved May 11, 2020.
- ^ "World's 'second oldest airline' files for bankruptcy". www.9news.com.au. Retrieved 2020-05-12.
- ^ Emblin, Richard (17 November 2020). "Avianca US$2 Billion refinancing plan approved by Chapter 11 court". The City Paper. from the original on 2020-11-19. Retrieved 4 December 2020.
- ^ Visconti, Ambrogio (10 November 2020). "Avianca Holdings' $1.5 Billion DIP Financing". Global Legal Chronicle. Retrieved 4 December 2020.
{{cite web}}: CS1 maint: url-status (link) - ^ "Colombia's Avianca to move domicile to the United Kingdom". Reuters.com. 3 November 2021. Retrieved November 3, 2021.
- ^ "Colombian airline Avianca says has completed bankruptcy process". Reuters. December 2021. Retrieved 5 December 2021.
- ^ "Composición Accionaria Avianca Holdings S.A." (PDF).
- ^ "Avianca Group to leave Isleña Airlines dormant". Ch-aviation.com. Retrieved October 19, 2022.