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Zárate stated on Blu Radio that the Government believes that the best thing for the Colombian economy is to participate in the financing operation (loan for 240 million dollars), so that Avianca can enter Chapter 11 of bankruptcy law in the United States.
“That would be a good public policy decision given the strategic importance of the company,” emphasized the vice minister at the station, adding that there is no high probability that Avianca will get the resources it needs alone.
The Government’s ‘plan B’ to save Avianca
The deputy minister indicated in the middle that, although they are awaiting the review of the State Council on the ruling of the Administrative Court of Cundinamarca With which it was ordered to stop the disbursement of resources, the Government is already exploring a ‘plan B’ to save the airline.
Zárate was clear that all the international financing of the airline “falters” without the resources of the Government of Colombia, so they are focusing their efforts on looking for different options; however, he stressed that all of these are inferior in terms of well-being for the country’s society.
“Through the Ministry of Transportation we have been in communication with Avianca to see what alternatives would be available in that case. We are looking at options in this matter, but all these options are inferior in terms of well-being for Colombian society than the option for Avianca to continue operating, ”said Vice Minister Zárate in the newscast.
Government loan to Avianca continues to halt
Despite the fact that the Government and Avianca presented the corresponding appeals in defense of the credit, the Administrative Court of Cundinamarca It maintained the precautionary measures that order the suspension of the disbursement of the loan to the airline.
However, after the decision of the high court was known a few weeks ago, Avianca announced that it would no longer need all this money to file for Chapter 11 of the United States (thanks to the fact that it obtained investors), Therefore, the resources that it is requesting now not from one, but from several governments, are 240 million dollars, 130 million dollars less than the initial request.
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