One of Latin America’s largest airlines has filed for bankruptcy.
Colombian airline Avianca filed for Chapter 11 bankruptcy in the US Southern District of New York on Sunday, citing the "unforeseeable impact of the Covid-19 pandemic," according to a company statement.
Avianca, which is part of the Star Alliance, was founded in 1919.
The company claims to be the world's second-oldest continuously running airline.
Last year, it was ranked the third-largest airline in Latin America based on market share, after Chile's LATAM Airlines (LTM) and Brazil's GOL Linhas Aéreas (GOL), according to Euromonitor.
Avianca is the latest carrier to shutter due to the COVID-19 pandemic, which has crippled the aviation industry worldwide.
In April, Virgin Australia ceases its operations after failing to obtain a bailout from the government.
UK budget carrier Flybe entered administration in March after announcing that its financial challenges were too great to withstand during the pandemic.
Avianca employs 21,000 people throughout Latin America, including more than 14,000 in Colombia, where it serves as the country's national carrier.
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