Delta, United Continental Said to Be Studying Bids for Avianca

Delta Air Lines Inc. and United Continental Holdings Inc. are weighing bids for Avianca Holdings SA, a Latin American airline exploring strategic options including a full or partial sale, according to people familiar with the matter.

Avianca has recently begun working with a financial adviser to raise about $500 million in a process that could lead to an outright sale, said one of the people, who asked not to be identified because the matter isn’t public.