Avianca Stock Sinks on Airline’s Plan to Exit Bankruptcy
- Shares of Colombian airline have tumbled 45% over past week
- In Chapter 11 plan, value of shares would be “reduced to zero”
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Shares of Avianca Holdings SA have tumbled 45% over the past week as the Colombian airline prepares a bankruptcy exit plan that will likely make the stock worthless.
The air carrier, which was driven into Chapter 11 during last year’s pandemic and travel bans, fell 6% in Bogota trading Monday, extending losses for a fifth day, according to data compiled by Bloomberg. Shares were trading around 119 pesos (about 3 cents) on Monday.