Avianca Holdings

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Avianca Holdings S.A.
TypeSociedad Anónima
NYSE: AVH (delisted in 2020)
IndustryAir transport
FoundedFebruary 2010
HeadquartersPanama City, Panama. Calle Aquilino de la Guardia No.8.
Number of locations
Key people
Roberto Kriete (Chairman)
RevenueIncrease US$ 4.3 billion (2012)
Increase US$ 198.6 million (2012)
Number of employees
ParentSynergy Group
Footnotes / references
fleet size: 107 (134, regional and charter)[1]
destinations: 100

Avianca Holdings S.A. (formerly AviancaTaca AirHoldings Inc.) is a pan-regional Latin American multinational airline holding company with its registered office in Panama City, Panama, and its global headquarters in Bogotá, Colombia. It was formed in February 2010 after a merger agreement between Avianca and TACA Airlines, the flag carriers of Colombia and El Salvador respectively, when Avianca and TACA became wholly owned subsidiaries of Avianca Holdings. TACA Airlines shareholders were given 29% and Avianca Airlines shareholders were given 71% of the shares in the new company.[2][3][4]

The company is listed on the New York Stock Exchange and the Colombia Stock Exchange. Since its creation, Avianca Holdings has expanded its portfolio of operations and brands with the 2014 acquisition of Mexico's AeroUnion. The Group also owns the Avianca Express brand and LifeMiles, the Avianca rewards programme.


The company is the second largest airline holding in Latin America by revenue and fleet size after LATAM Airlines Group based in Santiago, Chile. With a fleet of 173 aircraft and more than 19,000 employees, Avianca serves over 100 destinations in America and Europe, which connect to over 750 destinations worldwide through codeshare agreements with partner airlines. Avianca carried 24.6 million passengers in 2013.[5]

Paradise Papers[edit]

On November 5, 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that the former company's Chairman Germán Efromovich was linked to an offshore conglomerate used for the aerocommercial holding business with ramifications in Bermuda, Panama and Cyprus. Efromovich used a Panamanian offshore that hid more than 20 firms located in tax havens. The conglomerate was used by Avianca Holdings in the purchase of MacAir Jet, now Avianca Argentina, aircraft company owned by Macri Group, for an amount of US$10 million. Allowing Avianca to make headway in the low-cost carrier business in Argentina. The Argentine government accepted this offshores as a financial guarantee to assign air routes to Avianca which is now being investigated by the Argentine federal justice system.[6]


On May 10, 2020, Avianca filed for Chapter 11 bankruptcy in the United States after failing to pay bond holders, becoming one of the major airlines to file for bankruptcy due to the COVID-19 pandemic crisis.[7][8][9]

In November 2020, the U.S. Bankruptcy Court for the Southern District of New York approved its $2 billion refinancing plan.[10][11]


Shareholding composition of Avianca Holding S.A. as of March 31, 2021:[12]

  • BRW Aviation LLC - 51.53 %
  • Kingsland Holdings Limited - 14.46 %
  • United Airlines - less than 1%
  • Avianca Holdings S.A - 15.64 %
  • Several pension funds plus numerous individual investors, mostly Colombian and others - 17.37%



  1. ^ fatos e números Archived April 2, 2013, at the Wayback Machine Pagina oficial da Star Alliance, Julho 2012
  2. ^ "Avianca Holdings S.A. SEC Registration". Retrieved 2021-06-13.
  3. ^ BVC: PFAVH
  4. ^ Quiénes Somos Avianca Holdings S.A. Fact Sheet,, retrieved 16 June 2017
  5. ^ Avianca Holdings - Corporate Presentation 2014 Archived 2016-03-04 at the Wayback Machine. Retrieved 14 May 2015
  6. ^ Delfino, Emilia; Crucianelli, Sandra; Fitz Patrick, Mariel; Brom, Ricardo; Jastreblansky, Maia; Ruiz, Iván; Alconada Mon, Hugo (10 November 2017). "Paradise Papers - El entramado de más de 20 offshores detrás del desembarco de Avianca". Perfil. Archived from the original on 10 November 2017. Retrieved 10 November 2017.
  7. ^ "Avianca files for bankruptcy in the United States due to the COVID-19 crisis". Explica. 11 May 2020. Archived from the original on 16 May 2020. Retrieved 11 May 2020.
  8. ^ "Avianca Holdings files for Chapter 11". CH-AVIATION. 10 May 2020. Retrieved May 11, 2020.
  9. ^ "World's 'second oldest airline' files for bankruptcy". Retrieved 2020-05-12.
  10. ^ Emblin, Richard (17 November 2020). "Avianca US$2 Billion refinancing plan approved by Chapter 11 court". The City Paper. Retrieved 4 December 2020.
  11. ^ Visconti, Ambrogio (10 November 2020). "Avianca Holdings' $1.5 Billion DIP Financing". Global Legal Chronicle. Retrieved 4 December 2020.
  12. ^ "Composición Accionaria Avianca Holdings S.A." (PDF).