Latin Lawyer announced the winners of its 16th annual Deal of the Year Awards at a charity dinner in São Paulo, Brazil, on May 5th. Our team was awarded for the excellence of its advice to Avianca when emerging from the Chapter 11 process. This award confirms once again BLP´s leadership in Central America
Through its offices in Guatemala, El Salvador, Honduras, and Costa Rica, BLP has helped Latin American airline Avianca emerge from its Chapter 11 restructuring process and eliminate debt worth more than US$1 billion.
In May 2020, Avianca filed for Chapter 11 protection in New York and sought to reduce its fleet in light of the impact of the covid-19 pandemic on the business. The airline successfully used the restructuring process to obtain short-term financing and has now eliminated more than US$1 billion of debt. In October 2021, the Latin American airline secured court approval of its restructuring plan in New York.
After completing its Chapter 11 proceedings in 18 months, Avianca emerged from the process with a more efficient business model and has reaffirmed its commitment to providing reliable and on-time service. The airline hopes to continue to provide affordable travel for millions of passengers in Latin America
Thank you to our team that has helped our client during the years: Gustavo Gamboa, Ivis Alvarado, José Miguel Álvarez, Julio Castellanos, Luis Vega, María Inés Arenales, Pablo Umaña, Vivian Liberman, Zygmunt Brett.