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Latin America’s second-largest airline, Avianca, filed for bankruptcy protection on Sunday, after failing to meet a bond payment deadline.
Colombia’s Bogota-based airline, Avianca would be one of the first major carriers worldwide to go under as a result of the COVID-19 Pandemic.
Avianca says pandemic had cut more than 80% of its income, and it was struggling with high fixed costs.
More than 140 of Avianca’s aircraft have been grounded and parked at El Dorado International Airport amid the COVID-19 outbreak in Bogota, Colombia April 7, 2020.
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.