NEW YORK - On May 10, 2020, Avianca Holdings S.A. and certain of its subsidiaries and affiliates filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York to preserve and reorganize Avianca’s businesses as the Company continues to navigate the impact of the COVID-19 pandemic.

The filing was necessitated by the unforeseeable impact of the COVID-19 pandemic, which 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.

Avianca, the second largest airline in Latin America, will continue to operate and serve its customers during this process.