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August 31, 2020 – 06:12 am
Newsroom of El País
The Board of Directors of the Senate of the Republic summoned the Minister of Finance, Alberto Carrasquilla, to political control to answer the questions that arose after learning about the participation of the National Government in the restructuring of Avianca.
The senior official will have to answer a questionnaire sent by the Senate of the Republic, where he is questioned about the technical foundations that justified the operation of loans of 370 million dollars to the airline for its restructuring process in the United States.
The questionnaire sent to Minister Carrasquilla contains 16 questions, which also question whether other airlines in the country could access this type of credit or whether any international company is subject to the help of the Colombian Government.
You can read: Government approved loan for US $ 370 million for restructuring Avianca
What is the destination of this credit? Is it granted to fund the operation of the company or to pay its debts? If it is for the operation, is it for the one that corresponds exclusively in the Colombian territory? These are some of the questions that are asked of the official.
The decision of the Senate board of directors was taken a day after the Ministry of Finance released the news that the National Government will participate in the restructuring of the airline, in order to guarantee the provision of service, connectivity and economic activity.
The ministry explained that the participation will be made through a loan for 370 million dollars, in a transaction of 18 months, which corresponds to the estimated time that the restructuring process of the company lasts under Chapter 11 of the Bankruptcy Code of the U.S.
The transaction would take place under the figure of Debtor in Possession provided for under Chapter 11 of the Bankruptcy Code of the United States, and will have to be evaluated and authorized by the judge in charge of the case in the Court of the Southern district of New York.
The political control debate proposal was signed by Senators Rodrigo Lara, Luis Fernando Velasco, Roy Barreras, Roosvelt Rodríguez, José Ritter López, Guillermo García Realpe, Temistocles Ortega, Horacio José Serpa, Jaime Durán and Andrés Cristo.
The proposal also mentions that if the answers offered by the head of the Public Ministry are not satisfactory, they will proceed to process a motion of censure against Minister Alberto Carrasquilla, which would be the fourth to a cabinet official of President Iván Duque in two years .
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