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Juan Alberto Londoño, Vice Minister of Finance of Colombia, explained that, with the declaration of unconstitutionality of Legislative Decree 811, The loan that the Government made to Avianca did not fall, up to US $ 370 million (initiative that remains suspended by court order).
Recommended: Cut the decree that established provisions on the rescue of companies in Colombia
According to Londoño, Decree 811 allowed the Colombian State to buy a company to save it in the midst of the crisis, but it gave it the power to sell in an agile manner once the emergency was resolved.
In the case of Avianca, it must be remembered, It is a loan that does not represent that the Government becomes the owner of the airlineTherefore, with the decision of the Constitutional Court, the possibility of transferring those resources to the firm did not go to the floor.
“We can access resources for the rescue of companies through the Emergency Mitigation Fund (Fome), which came out of Decree 444, and allows us to rescue through credit, capital or other mechanisms. But it also allowed us to save companies through credit guarantees to companies up to 90%. What we say is that we put Fome resources to support these companies. If any of these companies returns from the Colombian Government, Decree 811 allowed us to sell quickly, ”explained Londoño in an interview with La W.
Avianca sources told Rate Analytics, that effectively Londoño’s approach is in line with the argument that they handle from within the airline so as not to discard the possibility that Colombia makes the loan to get out of the crisis.
Also read: Avianca restarts international flights from Colombia on September 28: There will be 18 routes
Now, on the $ 12 billion that are expected to be collected by disposals, it is not affected either, according to the Government because such processes are still governed under Law 226 of 1995, which dictates the roadmap to follow in case the State seeks dispose of an asset.
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