US court postpones decision on Avianca's restructuring plan

A court decision on the bankruptcy exit plan of Avianca Holdings has been postponed pending the receipt of additional documentation, the airline group announced. Judge Martin Glenn of the US Bankruptcy Court in the Southern District of New York postponed an October 26 hearing, setting a deadline for additional documentation to be submitted by 1700L (2100Z) on October 28, 2021, Avianca Holdings said in a SEC filing. “The Company remains focused on advancing its Chapter 11 process as efficiently as possible,” it said. Avianca Holdings is asking for the approval of a restructuring plan that will reduce its debt by about US$3b, preserve more than 10,000 jobs, and transfer majority ownership to lenders and noteholders. Creditors were asked to submit their votes on the plan to the court by October 15. <br/>