Elliott Management opposes airline Azul on Avianca Brasil bankruptcy plan
US hedge fund Elliott Management is opposing a new plan by Azul to purchase some of the routes operated by financially troubled rival Avianca Brasil for US$145m, according to a legal document seen by Reuters. Elliott, known in Latin America for forcing Argentina into bigger repayments on defaulted bonds, is Avianca Brasil's largest creditor by a wide margin, with claims totalling almost $490m. Avianca Brasil filed for bankruptcy protection in December, setting off a dispute for its routes among Brazil's top-3 airlines. The fight underscores how the routes of Avianca Brasil, which is controlled by the same holding company as publicly traded Colombia-based Avianca Holdings, have become fiercely sought after despite the financial woes that sent it into bankruptcy protection. <br/>
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Elliott Management opposes airline Azul on Avianca Brasil bankruptcy plan
US hedge fund Elliott Management is opposing a new plan by Azul to purchase some of the routes operated by financially troubled rival Avianca Brasil for US$145m, according to a legal document seen by Reuters. Elliott, known in Latin America for forcing Argentina into bigger repayments on defaulted bonds, is Avianca Brasil's largest creditor by a wide margin, with claims totalling almost $490m. Avianca Brasil filed for bankruptcy protection in December, setting off a dispute for its routes among Brazil's top-3 airlines. The fight underscores how the routes of Avianca Brasil, which is controlled by the same holding company as publicly traded Colombia-based Avianca Holdings, have become fiercely sought after despite the financial woes that sent it into bankruptcy protection. <br/>
