[ad_1]
The airline Avianca Brazil the fourth largest in the country, Monday requested a judicial reorganization in São Paulo (10). Since last week, the company is the target of actions claiming the resumption of hired aircraft due to the lack of payment.
According to the Reuters news agency, the company says in the reorganization document that the return of planes may result in the cancellation of flights and affect 77,000 pbadengers .
Avianca's communications department neither confirmed nor denied the request.
Avianca Brasil is independent but shares the same controller as the Colombian company Avianca Holdings
Anac has not yet been informed
] Anac (National Agency of Civil Aviation) has indicated that in To date, the request for judicial recovery of Avianca Brasil has not been notified.
"The agency has already requested the necessary clarifications on the provision of badistance to pbadengers on which a possible readjustment of the mesh could have an impact.If points not in accordance with the rules of the lnst. Agency are identified, Anac may apply penalties to the company in accordance with "
What is judicial recovery
Judicial recovery is a process that aims to solve the financial problems of a corporation. company so that it can recover and continue to function. If the court accepts the request to open the file, Avianca Brasil will have a deadline to submit a plan to pay its debts to the creditors.
According to the newspaper Folha de S.Paulo at least three companies seized the courts to request the return of aircraft. The most recent case would be that of the Irish Constitution, which would have obtained the injunction to take back 11 planes.
Quoting the report presented to the Anac (National Agency of Civil Aviation), the newspaper says that in June, the company had a debt of 1.168 billion rubles repurchased from. here a year.
At the time, Avianca denied having requested a judicial reorganization and declared that the restructuring of its mesh, with reduction of the number of planes, had been planned since August. He also stated that his operations would not be affected.
Debts with airports
In addition to the return of aircraft, the airline is struggling to pay airport suppliers and dealers. The debt to all Brazilian airports, public and private, reaches 100 million rand, according to the newspaper "O Estado de S. Paulo". Only with the São Paulo / Guarulhos International Airport, the company would have a debt of 25 million R $.
Expansion
Avianca Brasil was growing rapidly. At the end of 2015, it accounted for 10.5% of the domestic market and less than 1% of the international market. Today, the national market share is 13.65% and in the international market 7.72% (considering only Brazilian companies). During the same period, only Azul gained market share, but more modestly, from 17.1% to 18.8% in the domestic market.
Airlines need considerable resources to develop. Azul, for example, went to the stock market last year to raise $ 2 billion.
Indebtedness
During the quarter ended June, the company raised $ 130.7 million in loans from ABC, Daycoval, Safra and Fibra banks, with between 2018 and 2021. Thus, according to a report submitted to Anac, the amount of funding, which amounted to 194 million rand at the end of 2017, reached 306 million rand six months later. has managed to increase its revenues, but not enough to offset the rise in fuel prices and the change in exchange rates. He also says that he controls the expenses and wants to use the market to extend the term of the loans. On the total financial debt, only 22.7% are due in 2021 and the rest until 2019.
* (with Reuters and Agência Estado)
