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Avianca Brasil, which has filed for bankruptcy in December, expects early negotiations with hedge fund Elliott Management will prevent the closure of its aircraft, said Thursday two sources close to the case.
Avianca Brazil is in talks with Elliott to obtain a credit for hedge funds, which provides for a loan of $ 250 million, the sources said.
Avianca plans to inform the judge who manages the judicial recovery that the loan negotiations have progressed and hopes that the court will decide whether the lease has been concluded and that the leasing companies have not been paid.
Among its major creditors, Avianca's aircraft leasing companies and GE Capital Aviation have been requesting aircraft repossession since December.
] Avianca declined to comment and Elliott did not immediately respond to a request for comment.
Avianca hired the consulting firm Galeazzi in December to help her find a partner or buyer, reported Reuters last week. ]
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