The Southern District of New York has approved Colombian airliner Avianca's reorganization plan, Avianca said on Tuesday, which will allow the company to complete its chapter 11 bankruptcy process before the end of the year, Reuters reported. Avianca, along with rival Chile's LATAM Airlines, were the two largest carriers in the region before the coronavirus pandemic, but both were sent into bankruptcy restructuring when the virus upended air travel, amid especially strict restrictions in Latin America.
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.