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per year, significantly less than the 23.4 trillion pesos sought by the government in an April proposal that was later withdrawn amid sometimes-deadly protests and lawmaker opposition.

More than 1.5 million children worldwide saw a parent, custodial grandparent or other relative who cared for them die from COVID-19, according to a study published by the Lancet, UPI reported. Of these children, more than 1 million experienced one or both parents dying during the first 14 months of the pandemic, and another 500,000 experienced the death of a grandparent caregiver living in their own home, the data showed.

A new weapon is gaining traction in the fight against the economic fallout of Covid-19: Debt sales designed to alleviate suffering, Bloomberg reported. Governments and companies in emerging markets have sold close to $16 billion of so-called social bonds so far this year, on pace to shatter last year’s total, according to data compiled by Bloomberg as of close on July 19. These bonds, with proceeds earmarked specifically for projects that address human needs — such as health, hunger and education — have already lured fresh investment to Chile and Ecuador, and soon, Ghana.

Creditors of bankrupt miner Samarco Mineracao SA, a joint venture between Vale SA and BHP Group Plc, objected to the company's restructuring plan on Thursday, according to a court document, Reuters reported. Creditors said the plan's main goal is to protect Samarco's giant shareholders, Vale and BHP, and reduce future payments to creditors. They also rejected Samarco's offer to apply an 85% haircut to all creditors, including shareholders Vale and BHP, which extended 24 billion reais in loans to the company. Debt payments to creditors would occur in 2041.

The part owner of Chilean bank Itau Corpbanca on Thursday secured court approval in Delaware to fend off any potential creditor attempts to collect debts owed as it works to restructure in the U.S., Reuters reported. Corp Group Banking SA (CGB), represented by Simpson Thacher & Bartlett, filed for chapter 11 protection on June 25 to restructure nearly $2 billion in debt. That figure includes $500 million in bonds issued under New York law on which the company has defaulted. CGB, which is controlled by Chilean billionaire Alvaro Saieh, holds 26.2% of the bank’s common equity.

Petroleo Brasileiro SA raised about $2.3 billion through the sale of its remaining stake in Brazil’s largest fuel distributor in the biggest equity transaction in Latin America this year, Bloomberg reported. Petrobras, as the company is known, fully exited Petrobras Distribuidora SA in an offering that priced at 26 reais ($5.23) a piece, according to company filings. The sale is part of a broader plan from the oil giant to exit non-core businesses, cut debt and focus on deep-water projects. The downsizing is also part of the government’s strategy to divest state-run assets.