Colombian airline Avianca plans to confidentially file for US IPO

Avianca Group plans to confidentially file for an initial public offering in the United States, the holding company for the Colombian airline said on Monday. The Bogota-based airline, with over 100 years of operation since 1919, is moving ahead with its listing more than two years after it emerged from bankruptcy. Avianca - which serves domestic markets of Colombia, Ecuador and Central America - was one of the major Latin American airlines that filed for bankruptcy during the pandemic, hurt by a downturn in travel demand. The airline, which had filed for Chapter 11 bankruptcy in May 2020 after it failed to meet a bond payment deadline, exited bankruptcy proceedings in December 2021. In May 2022, Avianca and Brazilian carrier Gol struck an agreement to combine under a single leadership named Abra Group. The timing and execution of the IPO are subject to market conditions, Avianca said. Avianca, which is the second-oldest airline in the world currently in operation, swung to a profit of $13m in the first quarter, as it transported 9.3m passengers, a 37.5% jump compared to a year earlier.<br/>