12 November, 2020 Colombia

Avianca Holdings’ $1.5 Billion DIP Financing

Philippi Prietocarrizosa Ferrero DU & Uría, Simpson Tatcher & Barlett, Gómez Pinzón Abogados, Milbank, and Dentons Cardenas & Cardenas advised on the deal.

Panamanian company Avianca Holdings S.A. (OTCMKTS: AVHOQ, BVC: PFAVH) received approval from the U.S. Bankruptcy Court for the Southern District of New York to access its debtor-in-possession (“DIP”) financing totaling US$1490.817.000.
 
JP Morgan Chase Bank and Goldman Sachs acted as lenders on the DIP financing.

Avianca is the trademark for the group of passenger airlines and cargo airlines under the holding company Avianca Holdings S.A. Avianca has been flying continuously for 100 years. As of December 2019, the Company had over 21,000 employees, operated a fleet of 158 aircraft and served 76 destinations in 27 countries within the Americas and Europe. In 2019, the Company carried 30.5 million passengers, generating revenues of approximately US$ 4.6 billion.

Philippi Prietocarrizosa Ferrero DU & Uría acted as Colombian, Chilean and Peruvian counsel to the lenders, with a team including Hernando Padilla (Partner), Paula Buriticá, Carlos Padilla, Santiago Cruz and Pedro Arango (Associates).

Simpson Tatcher & Bartlett acted as New York counsel to the lenders with Sandy Qusba (Partner); Nicholas Baker (Counsel); Cristina Gonzalez (Senior Associate); Patrick Wolff (Associate); and Mari Zaldivar (Associate).
 
Gómez Pinzón Abogados acted as Colombian counsel to the borrower with a team which included Ricardo Fandiño (Partner); Daniel Florez (Senior Associate); Ana María Reyes (Associate); and Silvia Robledo (Associate).
 
Dentons Cardenas & Cardenas acted as Colombian counsel to the borrower with a team led by Catalina Pinilla (Partner) and Alejandro Parra (Associate).
 
Involved fees earner: Catalina Pinilla – Dentons – Cárdenas & Cárdenas; Ricardo Fandiño – Gómez-Pinzón; Daniel Flores – Gómez-Pinzón; Ana María Reyes Toledo – Gómez-Pinzón; Silvia Roblado Rojas – Gómez-Pinzón; Pedro Arango – Philippi Prietocarrizosa Ferrero DU & Uría; Paula Buriticá – Philippi Prietocarrizosa Ferrero DU & Uría; Santiago Cruz – Philippi Prietocarrizosa Ferrero DU & Uría; Hernando Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Carlos Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Nicholas Baker – Simpson Thacher &Barlett, Cristina Gonzalez – Simpson Thacher &Barlett; Sandeep Qusba – Simpson Thacher &Barlett, Patrick Wolff – Simpson Thacher &Barlett; Mari Zaldivar – Simpson Thacher &Barlett.
 
Law Firms: Dentons – Cárdenas & Cárdenas; Philippi Prietocarrizosa Ferrero DU & Uría; Simpson Thacher &Barlett
 
Clients: Avianca Holdings S.A.; Goldman Sachs; JP Morgan Chase & Co.; 

Source: Global Legal Chronicle

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