RIO DE JANEIRO, BRAZIL - Net losses at airline Avianca Holdings increased 22% to US$1.09 billion in 2020 due to the near-paralysis of global air travel because of COVID-19, the company said on Monday, March 29th.
The airline, which is carrying out a restructuring process under the U.S. Chapter 11 bankruptcy law, had losses of US$894 million in 2019.
Operations contracted 74% year-on-year, the airline said in a filing to Colombia’s financial regulator, while operating income was down to $1.71 billion, from US$4.62 billion in 2019.
Keeping passenger planes . . .