• Home
  • Post a press-release
  • Visibility packages
  • Subscribe email updates
  • Event Calendar
  • Contact

For Immediate Release | Official News Wire for the Travel Industry

Where press releases are breaking news

  • Home
  • Post a press-release
  • Visibility packages
  • Subscribe email updates
  • Event Calendar
  • Contact

Ailing Avianca’s plan to sell airport slots might be rejected

April 8, 2019 by Forimmediaterelease

Avianca is the fourth largest airline in Brazil, and it has been in judicial recovery since December of last year with debts of approximately R$500 million.

A new plan approved by Avianca’s creditors on Friday is not setting well with Brazil’s anti-trust agency, CADE. The agency said that depending on which competitors buy out Avianca’s main airport slots, the operation may not be approved.

The approved plan includes the partition of the company’s assets into 7 parts, called Individual Productive Units (UPIs). Six of the UPIs will be made up of slots (airport landing and take-off times), employees and aircraft, and the seventh will hold Avianca’s loyalty program, Amigo.

It is CADE’s expectation is that agents will find the best solution to suit the private interests of Avianca’s shareholders and its creditors as well as the public interests of Brazilian consumers.

Included in each UPI will be the registration and authorizations of routes and the right to use slots at Congonhas (SP), Guarulhos (SP), and Santos Dumont (RJ) airports, in addition to the temporary right of use of the Avianca Brasil brand and the Air Operator Certificate approved by the National Civil Aviation Agency (ANAC).

CADE stated that the best case scenario would be for a new company to assume the operation of the units for which there would be no change in the concentration level of the sector. But if the UPIs are acquired by Gol or Latam, the agency sees problems, because these two companies already have high market shares in the main routes in which Avianca operates. Both Gol and Latam have announced interest in purchasing some of the Avianca’s assets.

Azul Airlines had announced earlier that it had made an offer to acquire Avianca Brasil’s assets, including airplanes and airport slots for US$105 million.

Travel News | eTurboNews

Share this:

  • Twitter
  • Facebook

Filed Under: Press Release Tagged With: ANAC, and, announced, approved, assets, Avianca, Avianca Brasil, Aviancas, aviation, Aviation News, aviation-website, Azul, best, brand, Brasil, Brazil, Brazil travel news, Brazilian, Breaking Travel News, buy, buy out, CADE, case, certificate, change, civil aviation, companies, company, competitors, consumers, creditors, debts, December, earlier, employees, find, GOL, high, in, included, includes, including, individual, interest, IT, landing, largest, last, LATAM, loyalty, loyalty program, Main, Market, May, million, national, New, News articles, no change, offer, operation, operator, out, plan, private, problems, program, public, purchasing, R$, recovery, registration, rejected, right, routes, s, said, sector, sell-off, setting, shareholders, shares, slots, Solution, stated, suit, temporary, The National, times, to, Transportation News, Travel & Tourism Organizations News, Travel Destination News, Travelwire News, units, up, UPI, US, use, year

Search




Recent Articles

  • Milestone flight EK2021 highlights UAE’s impressive vaccination drive and readiness of its aviation industry for travel rebound
  • African Tourism Board statement on the passing of HRH Prince Philip, the Duke of Edinburgh
  • Coronavirus Disease 2019 (COVID-19) situation in Thailand as of 10 April 2021, 11.30 Hrs.
  • List of locations where Songkran 2021 festivities are cancelled
  • Bangkok and 40 Thai provinces to close entertainment venues during Songkran
  • Statement on Voting Rights
  • Andaz Brand Debuts in Indonesia with the Opening of Andaz Bali
  • Coronavirus Disease 2019 (COVID-19) situation in Thailand as of 9 April 2021, 11.30 Hrs.
  • Nevis Tourism Authority CEO Jadine Yarde dishes on Nevis with Toya and Clavia
  • American Airlines Group Announces Webcast of First-Quarter 2021 Financial Results

Copyright © 2021 · Metro Pro on Genesis Framework · WordPress · Log in