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RIO DE JANEIRO, BRAZIL - The parent company of the second biggest airline in Latin America, said in a statement that this decision was also made in light of the industry's projected worldwide revenue reduction of US$314 billion, according to the International Air Transport Association (IATA).

As such, Avianca Holdings will voluntarily file for reorganization proceedings under Chapter 11 of the US Bankruptcy Code in the Southern District of New York Bankruptcy Court with the aim of "preserving operations to continue to serve customers by providing safe and reliable air travel, under the strictest biosecurity protocols, as COVID-19 . . .

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