Avianca informs that at the moment, it has not negotiated a merger with Sky Airlines
After it was announced in previous days that Avianca and Sky Airlines would merge to become the largest low-cost airline in Latin America, the airline clarified that at the moment, it has not participated in negotiations with the Chilean low-cost airline.
The Holding informed in a press release that it is unaware of the plans that the Tranche B financiers may seek to execute, in their eventual capacity as controllers, once the restructuring plan has been approved by the U.S. Court in the framework of the Chapter 11 exit process.
Likewise, it is unaware of the existence of any investment by its financiers in Sky, as well as the terms and conditions of any negotiations that any of the financiers may have entered into with Sky or its shareholders.
Last weekend, it was known that the airlines would merge to strengthen their finances since the investment funds Elliot Management and Caoba have recently invested in both companies and this would be part of the business plan.
To this effect, Holger Paulmann, owner and president of Sky Airlines, would occupy a seat as a shareholder of the holding company and would be the director of the new subsidiary resulting from the merger.
Avianca is currently in the process of exiting Chapter 11 of the U.S. Bankruptcy Law, where it is waiting for the Court to approve its reorganization plan, which would allow creditors, Elliot Management and Caoba among them, to exchange US$ 935 million in debt for 72% of the airline and eliminate some US$ 3 billion in debt.
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