Colombia's Avianca says its survival is in doubt due to coronavirus crisis

There is "substantial doubt" about Avianca Holdings' ability to stay in business due to the coronavirus crisis, the reported Thursday, citing the conclusion of its financial auditors. Avianca, Latin America's second-largest airline, made the disclosure in a securities filing with the US Securities and Exchange Commission explaining why it was unable to file its 2019 annual report on time. Avianca said it will file the report in June and expects to disclose the conclusion made by accounting firm KPMG that there were serious questions about the airline's "ability to continue as a going concern." Avianca has grounded all its passenger flights since March due to the coronavirus crisis, after its main hubs in Colombia, El Salvador, Ecuador and Peru all shut down air traffic. It has put about half its workforce on unpaid leave. <br/>