When this accounting term pops up, pay attention. Bankruptcy might be close behind.
Colombian airline Avianca is a "victim" in the global scandal surrounding years of alleged bribes paid by manufacturer Airbus
Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) (the "Company" or "Avianca") and certain of its subsidiaries and affiliates today filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern Distr…
Copolymer/clay nanocomposites are considered as advanced functional biomaterials, which are widely used in biomedical applications. This review presents a broad overview over several classes of nanoclays, surface modification protocols, and different processi…
Even among the strange new norms ushered in by the COVID-19 pandemic, a cellular and internet outage Tuesday afternoon made it nearly impossible to conduct “business as usual” for Pitkin
Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) (the "Company" or "Avianca") and certain of its subsidiaries and affiliates today filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York to preserve and reorganize Avianca's businesses. LifeMiles™, Avianca's loyalty program, is administered by a separate company and is not part of the Chapter 11 filing.
When this accounting term pops up, pay attention. Bankruptcy might be close behind.
Avianca Holdings had known since late March that the Colombian airline's cash pile would only cover a few months of expenses while its entire fleet sat grounded because of aggressive anti-coronavirus lockdowns. In those conditions, Sunday's bankruptcy filing was hardly a surprise. What was surprising was the absence of one key stakeholder: the Colombian government.
Copolymer/clay nanocomposites are considered as advanced functional biomaterials, which are widely used in biomedical applications. This review presents a broad overview over several classes of nanoclays, surface modification protocols, and different processi…
Colombian airline Avianca Holdings SA filed for bankruptcy protection in the U.S. as travel restrictions curtail flights and the company vies for public assistance from the Colombian and other governments to endure the coronavirus pandemic.
Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) (the "Company" or "Avianca") today announced that all "first day" motions related to the Company's voluntary reorganization proceedings initiated on May 10, 2020 have been approved on an interim or final basis by the U.S. Bankruptcy Court for the Southern District of New York. Collectively, the orders granted by the Court at the hearing will help ensure that Avianca continues normal business operations throughout the reorganization process.
Shares of United Airlines Holdings (NASDAQ: UAL) fell 5% on Tuesday as the entire sector remained under pressure following comments by Boeing's CEO predicting some airlines would fail. United is under particular duress because an airline it is associated with, Colombia's Avianca Holdings (NYSE: AVH), has succumbed to bankruptcy. United in particular was hit due to Avianca filing for Chapter 11 protection in the U.S. Southern District of New York.
Bear of the Day: FedEx (FDX)
There is "substantial doubt" about Avianca Holdings'
Avianca Holdings (AVH) filed for bankruptcy protection after travel restrictions tied to the coronavirus pandemic brought passenger operations to an almost complete halt since mid-March.The Columbian air carrier said it submitted Chapter 11 proceedings to the…
1: 名無しさん 2020/05/05(火) 14:40:45.96 ID:ovWQb1z800505 星乃みれい @hoshino_mirei やっぱ塩だな(???)?? #みれれのよるごはん ←昼?? https://video.twimg.com/ext_tw_video/1257524445830242304/pu/vid/720x960/b53OkQzCj-5XfznK.mp4 https://twitter....
Had my eye on this for a week or so. Not quite as good as Frankie's from last year but a decent drop. It's supposed to have wireless android auto, one of a few in Oz. The Pioneer AVH-Z9200DAB showcases a new level of smartphone connectivity in the vehicle; b…
The Zacks Analyst Blog Highlights: Delta Air Lines, American Airlines, Ryanair, Avianca and JetBlue Airways
The board of South America's largest carrier, LATAM Airlines Group
1: 名無しさん 2020/05/19(火) 11:21:54.02 ID:uwWjg/CX0 https://twitter.com/xxx_toma_1997/status/1261599901432967170?s=21 https://twitter.com/5chan_nel (5ch newer account) 関連 清楚で真面目な彼女が、最凶ヤリサーに勧誘されたら…？...
VALENCIA, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)--AVITA Medical Reports Third Quarter Fiscal 2020 Financial Results and Company Update
Avianca Holdings (AVH) filed for bankruptcy protection after travel restrictions tied to the coronavirus pandemic brought passenger operations to an almost complete halt since mid-March.The Columbian air carrier said it submitted Chapter 11 proceedings to the U.S. Bankruptcy Court for the Southern District of New York in an effort to preserve jobs, restructure its $7.27 billion in debt and reorganize its business operations. Throughout the restructuring period, it will continue operations, the company said."Avianca is facing the most challenging crisis in our 100-year history as we navigate the effects of the COVID-19 pandemic," said Avianca CEO Anko van der Werff. "Despite the positive results yielded by our 'Avianca 2021' plan, we believe that, in the face of a complete grounding of our passenger fleet and a recovery that will be gradual, entering into this process is a necessary step to address our financial challenges."Avianca's passenger operations have been grounded since mid-March, cutting its consolidated revenue by over 80% and placing significant pressure on its cash reserves. As a result, Latin America’s second-largest carrier implemented employee furloughs, temporary wage reductions, reductions in non-essential capital expenditures and temporary deferred payments on long-term leases.With a fleet of 158 aircraft, Avianca employs more than 21,000 workers throughout Latin America, including more than 14,000 in Colombia, while also working with more than 3,000 vendors.Global shelter-in-place orders to contain the fast spread of the COVID-19 pandemic has resulted in a 90% decline in global passenger traffic and is expected to reduce industry revenues worldwide by $314 billion, according to the International Air Transport Association.Given the impact COVID-19 has had on travel plans, Avianca announced that it will continue to waive change fees and other penalties associated with changes to customers' travel plans for tickets purchased until October 31.At the start of the year, the company had managed to organize an out-of-court reprofiling of its financial debt and lease obligations and raised $375 million in new financing.Shares in Avianca rose 4.1% to $0.88 on Friday trimming the year-to-date plunge to 81%.Last week, five-star analyst Michael Linenberg at Deutsche Bank cut the stock to Sell from Hold and slashed the price target to 50 cents from $2, due to the accelerated COVID-19 impact in Latin America in recent weeks which forced the industry to make large capacity cuts and reduce its network to only fly "essential" routes.Linenberg noted that Latin America was one of the last regions globally to be affected by the coronavirus pandemic, following limited impact for most of the March quarter.Overall Wall Street analysts have a Moderate Sell consensus rating on the stock based on 2 Sells and 1 Hold. The $0.73 average price target implies 17% downside potential for the shares in the coming 12 months. (See Avianca stock analysis on TipRanks). Related News: ON Semiconductor Quarterly Earnings Miss Amid Virus Pandemic, Sees Orders Coming Back Uber Puts Hopes on Food Delivery Momentum After $2.9 Billion Loss Seres Therapeutics Reports Weak Earnings, But Significant Upside Lies Ahead More recent articles from Smarter Analyst: * Pfizer Seeks To Raise $4 Billion From Debt Sale * Bluebird Prices New Shares At $55, Seeks To Raise $500 Million * Dynavax Explodes 40% In Pre-Market On Phase 1 Covid-19 Vaccine News * GameStop Pops 5% Amid ‘Significant Progress’ On Turnaround Plan
1: 名無しさん 2020/05/21(木) 01:31:18.57 ID:mCf4gBah0● BE:487816701-PLT(13060) https://project.nikkeibp.co.jp/behealth/atcl/feature/00003/050800106/ 関連 清楚で真面目な彼女が、最凶ヤリサーに勧誘されたら…？ 【削除注意】変態J●が...
Avianca Holdings SA (NYSE: AVH), the second-largest airline in Latin America, filed for bankruptcy protection in U.S. federal court on Sunday, saying it needs relief from creditors as it restructures in an effort to survive the worst crisis in aviation history.The Colombian flagship carrier suspended all domestic and international passenger operations in late March because of the coronavirus pandemic but has maintained cargo operations with its fleet of dedicated freighters as well as passenger jets used in freighter mode. The grounding of the passenger fleet has reduced consolidated revenue by more than 80% and put pressure on the airline's cash reserves.Avianca, which serves more than 50% of the Colombian market and transported more than 30.5 million people last year, said the filing in the U.S. Bankruptcy Court for the Southern District of New York was necessary to preserve operations and jobs as it works to address about $5.3 billion in obligations, including leases, and aircraft orders. The airline, which operates to 76 destinations in 27 countries, is also closing its Peru division.Austerity measures taken by Avianca during the pandemic include employee furloughs, temporary wage reductions, freezes on nonessential capital expenditures and deferrals of payments on long-term leases.The bankruptcy could be an ominous harbinger for the airline industry, especially for midtier airlines and those with heavy debt loads. Industry analysts expect some airlines to eventually go out of business.Avianca was already in a weakened position when the COVID-19 travel restrictions and local lockdowns forced airlines to abandon most passenger flying. It lost $894 million in 2019, which included one-time transaction costs associated with a major restructuring designed to improve operational efficiency and ensure adequate liquidity. The company sold 24 aircraft, canceled 27 unprofitable routes, renegotiated debt and leases, and secured $375 million in convertible bonds in the fourth quarter. It also reclassified $2.6 billion in debt from short to long term."We are confident that through this process we can continue to execute our ‘Avianca 2021' plan, optimize our capital structure and fleet of aircrafts and — with government support — emerge as a better, more efficient airline that operates for many more years," said CEO Anko van der Werff in a statement.Avianca is also seeking financial support from governments of countries where it provides essential services. The International Air Transport Association says airlines stand to lose $314 billion in revenues this year and be forced to eliminate 2.7 million jobs in the near future and are urging governments to provide airlines with direct assistance, loans and loan guarantees, and tax cuts to help them stay viable.Avianca is using cash on hand and cargo revenues to support the business, including payments to employees and vendors during the court-supervised reorganization.Avianca is one of the top all-cargo carriers for flowers out of South America to the U.S. and Europe. Its freighter fleet consists of six Airbus A330-200 aircraft, plus five aircraft from its affiliated company AeroUnion. The freighters serve Dallas, Los Angeles, Chicago, New York, Miami, Madrid, Brussels and major Latin American cities.With passenger operations halted and a shortage of available cargo transport, Avianca, like other airlines, has deployed some passenger aircraft for dedicated cargo operations. In March, it began using a 787-800 to transport essential supplies. It recently launched regularly scheduled cargo-only passenger flights between Bogotá and Shanghai, marking the first time the company has performed a cargo flight to China. The flights are bringing medical supplies and surgical garments from China for use in Latin America. As of April 30, Avianca said it had completed 60 special cargo flights between Europe and Latina America.United Airlines had been pursuing a joint venture with Avianca and Panamanian carrier Copa Airlines to get better access to the South American market, but those plans are now on hold.Regional U.K. carrier Flybe and Virgin Australia Holdings entered into court-supervised bankruptcy proceedings in the past two months.See more from Benzinga * Rejections increase For The First Time Since March – FreightWaves NOW * Hino Recalls Conventional Truck Models For Battery Cable Issue * Qatar Airways Throws More Cargo Resources At Scandinavia, France(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
'Going concern' warnings can sometimes be an early warning signal of a bankruptcy ... and Wall Street is experiencing a spike in this language as the COVID-19 crisis rolls on.
Moody's Investors Service, (Moody's) today downgraded to B3 from B1 LifeMiles Ltd.´s corporate family and senior secured ratings. LifeMiles' downgrade to B3 reflects its exposure to the weak credit profile of its controlling shareholder Avianca Holdings, S.A. (Avianca).
Moody's Investors Service (Moody's) downgraded to Caa1 from B3 the senior secured and corporate family rating of LifeMiles Ltd. The outlook is negative. LifeMiles' downgrade to Caa1 reflects its exposure to the weak credit profile of its controlling shareholder Avianca Holdings, S.A. (Avianca) which announced that it has filed for Chapter 11 protection on May 10.
Latam Airlines Group S.A. (LTM) and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection due to the impact of the coronavirus pandemic on the global aviation industry.The Latin American airline said tha…
The bans by Panama and Colombia, effective on Monday, came after Peru, Argentina and Chile, among others, severely curtailed flights. Chile-based LATAM Airlines Group, the continent's largest, said it would halve the salaries of its 43,000 employees and its new chief executive would forego his salary for three months.
Latin American carrier stocks are higher despite the bankruptcy filing from Latam Airlines (LTM) last night. Gol Linhas (GOL +4.2%), Avianca Holdings (AVH), Copa
We retrospectively evaluated single-level compression fractures (T12-L3) scheduled for a short-segment POS (posterior-only stabilization) using polyaxial screws. Patients averaged 55.7 years (range, 19–65). Patients received either POS or, concomitantly, BK (…
If it fails to come out of bankruptcy, Bogota-based Avianca would be one of the first major carriers worldwide to go under as a result of the pandemic, which has crippled world travel. Avianca has not flown a regularly scheduled passenger flight since late March and most of its 20,000 employees have gone without pay through the crisis. "Avianca is facing the most challenging crisis in our 100-year history," Avianca Chief Executive Anko van der Werff said in a news release.
German Efromovich, the majority shareholder in Latin American airline Avianca
(Bloomberg) -- Avianca Holdings SA, one of the biggest carriers in Latin America, filed for Chapter 11 bankruptcy after travel bans across the region forced the Colombian airline to ground its fleet.Avianca, which counts United Airlines Holdings Inc. and Kingsland Holdings as stakeholders, filed for protection from its creditors in the Southern District of New York, according to court papers. It listed as much as $10 billion in liabilities and the same amount in assets. The company said it will not make bond payments due Monday.The carrier grounded planes in late March after governments across Latin America sealed borders to curb the spread of the Covid-19 pandemic. Avianca had just emerged from a tumultuous year in which it restructured debt and embarked on a business turnaround plan aimed at restoring profitability by focusing on flights through its Bogota hub. It cited the impact of the pandemic in a statement Sunday, adding that it intends to keep flying during the reorganization.“Avianca is facing the most challenging crisis in our 100-year history as we navigate the effects of the Covid-19 pandemic,” Chief Executive Officer Anko Van Der Werff said in the statement. “We believe that a reorganization under Chapter 11 is the best path forward to protect the essential air travel and air transport services that we provide across Colombia and other markets throughout Latin America.”Quick and OrderlyIn late March, the company deferred lessor payments, canceled planned investments and offered unpaid leave to the majority of its 21,000 employees to cut costs. The company also delayed filing its annual report until June and said it will include a warning that there’s substantial doubt about Avianca’s ability to stay in business.By filing for protection in New York, the company laid out a clearer path for its creditors, said Roger Horn, a senior emerging markets strategist at SMBC Nikko Securities America in New York.“Unlike with so many messy Latin American bankruptcy situations, at least a U.S. filing is quick and orderly and allows for debtor-in-possession financing,” he said. “Avianca could have a chance of coming out of this crisis actually operating as an airline.”The bankruptcy will be felt widely in the rest of the struggling airline industry, with providers of aircraft, jet engines and maintenance services among Avianca’s biggest unsecured creditors. The documents show more than $30 million each is owed to IAE International Aero Engines AG and General Electric & CMF International. Over $28 million of obligations are listed for Rolls Royce Plc.Lufthansa Group is owed $4.44 million, a unit of Boeing Co. is due $3.66 million and Airbus claims total $2.83 million.Skipped PaymentsAvianca will not pay a $65.6 million bond maturity or make a coupon on bonds due in 2023, Chief Financial Officer Adrian Neuhauser said in an online briefing Sunday evening. The payments are due Monday and the company decided to keep as much liquidity as possible during the restructuring, he said.The company requested authority to continue paying wages and honoring employee benefit programs, as well as pay vendors and suppliers, it said in the statement. It intends to “wind-down” operations in Peru “to renew its focus on core markets upon emergence from its court-supervised reorganization.” Peru represents about 5% of operations, the company said.Its loyalty program, LifeMiles, which is a separate business, was not affected by the filing, the company said in a statement.Avianca said it remains in discussions with government officials in Colombia and in other countries to provide financial support during the reorganization. Neuhauser said those discussions involve debtor-in-possession financing, which can often last months.“While these discussions are ongoing, the company intends to utilize its cash on hand, combined with funds generated from its ongoing operations (such as cargo), to support the business during the court-supervised reorganization process,” Van Der Werff said in the statement.Van der Werff has been in charge only since June 2019, when Avianca’s finances were already shaky. The company is getting financial advice from Seabury Securities LLC and FTI Consulting, with legal help from Milbank LLP, Smith, Gambrell & Russell, LLP, Gómez-Pinzón Abogados and Urdaneta, Vélez, Pearl & Abdallah Abogados.The case is Avianca Inc., 20-11132, U.S. Bankruptcy Court for the Southern District of New York(Updates with company statement starting in 2nd paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A recovery could start to take hold in 2021, fueled by a reopening of the economy and progress on containing the virus. That would imply there is some upside in the stocks, though investors may need to sit tight for a while.
1: 名無しさん 2020/05/04(月) 10:52:03.70 ID:MHp6+4BR0 SuToN(すとん) @graysuton どこも行けないので、『にわキャン』準備中。 https://twitter.com/graysuton/status/1256781684856373249 https://twitter.com/5chan_nel (5ch newer account) 関連 ...
A U.S. federal court on Monday agreed on an interim basis to Avianca Holdings SA's (NYSE: AVH) initial motions to voluntarily reorganize under court-supervised bankruptcy protection.Latin America's second-largest airline sought bankruptcy over the weekend in an effort to continue operating as a smaller company, saying the shutdown of its passenger network because of the coronavirus pandemic is putting extreme pressure on its cash reserves.Avianca also operates a fleet of freighters and is a significant conduit for trade in Latin America.The U.S. Bankruptcy Court for the Southern District of New York approved motions allowing Avianca to pay past-due and future employee wages and benefits, maintain its customer programs and honor obligations to travel agency partners, vendors and suppliers.The relief provides the Colombian flag carrier short-term certainty that it can use funds for ongoing operations while it negotiates with creditors and other stakeholders on new terms of engagement. Avianca, which is liquidating its Peruvian operations, said it hopes to secure permanent approval of all orders at the next court hearing, which is scheduled for June 11.One of the creditors that will take part in the restructuring is United Airlines Holdings Inc (NYSE: UAL), which loaned more than $600 million to Avianca's largest shareholder in uccessful bid to create a joint venture that would have included Copa Airlines and helped it compete against other carriers in the region. One of the loans is now in foreclosure and United wrote off $697 million for the loans and related guarantees.The bankruptcy was not unexpected given that Avianca had already been working to restructure its business for the past two years."The Chapter 11 process is a responsible way for Avianca to protect and preserve the company as we navigate the severe impact of COVID-19 on the airline and travel industries. We are continuing our government discussions, and with their support, we are confident that we will emerge as a better, more efficient airline that continues to serve customers and provide essential air travel across Colombia and Latin America," said CEO Anko van der Werff in a statement. "We are grateful for the support of our business partners and recognize our continuing relationships will also be important to a successful outcome of this process."Avianca is negotiating with the government of Colombia and governments in other key markets for emergency coronavirus-related assistance, similar to the $50 billion aid package the U.S. government gave domestic airlines.Experts say more bankruptcies and failures are likely as the airline industry tries to cope with the economic devastation from the coronavirus pandemic. Regional U.K. carrier Flybe and Virgin Australia Holdings entered into court-supervised bankruptcy proceedings in the past two months and South African Airways shut down operations on May 1.Boeing Co (NYSE: BA) CEO David Calhoun said on the "Today Show" Tuesday that a U.S. airline likely would collapse this year.Photo: AviancaSee more from Benzinga * Today's Pickup: How A Canadian Carrier Recession-Proofed Its Business * Double-Digit Percentage Declines Persist For US Rail Volumes * Speculation On YRC's Survival Ramps Up(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
May Sales from Bankstown Sound & Marine We've managed to work some magic and actually secure stock of some of 2019's biggest units, as well as two newcomers for 2020 in the [Pioneer DMH-Z5350BT] (https://www.bankstownsound.com.au/product/pioneer-dmh-z5350b..…