Distressed fertilizer-producer Monómeros Colombo-Venezolanos, the Colombian subsidiary of Venezuelan state-owned Pequiven, has filed for bankruptcy protection on the heels of a regulatory intervention, Argus Media reported. Colombian corporate regulator SuperSociedades is expected to accept the company into a reorganization process that would lead to an "expedited rescue plan." The strategic company supplies about 40pc of the Colombian market.
Colombian airline Avianca obtained financial commitments for US$1.6 billion to finance its exit from chapter 11 bankruptcy law as part of its reorganization, The Rio Times reported. "As a result of the continued support of its creditors, Avianca Holdings filed a motion with the bankruptcy court seeking approval of the terms of the commitment letters for its US$1.6 billion chapter 11 exit financing," the airline said in a statement. Avianca is the largest airline in Colombia and second largest in Latin America, after LATAM of Chile.
Colombia’s government formally presented a $3.95 billion tax-reform bill to congress, even as unions and student groups sought to revive the street protests that helped scupper the reform’s original iteration, Reuters reported. The law would raise 15.2 trillion pesos per year, significantly less than the 23.4 trillion pesos sought by the government in an April proposal that was later withdrawn amid sometimes-deadly protests and lawmaker opposition.