Conyers advised GLAS Americas LLC in connection with the Latin American airline Avianca in its emergence from the Chapter 11 restructuring process. GLAS Americas LLC acted as a collateral trustee for the exit transaction.
In May of 2020 Avianca filed chapter 11 petitions in the U.S. Bankruptcy Courts for the Southern District of New York. In October of 2021, Avianca secured court approval of its restructuring plan in New York and exited bankruptcy protection after successfully completing its financial restructuring process to emerge with significantly reduced debt, US$1.7 billion in fresh investments and more than US$1 billion of liquidity.
Directors Victor Richards and Chiara Nannini and Associate Jessica Harris of Conyers’ Bermuda office advised on the matter working alongside Milbank LLP.