Avianca Holdings’ $1.5 Billion DIP Financing

Philippi Prietocarrizosa Ferrero DU & Uría, Simpson Tatcher & Barlett, Gómez Pinzón Abogados, Milbank, Carey Olsen, and Dentons Cardenas & Cardenas advised on the deal.

Panamanian company Avianca Holdings S.A. (OTCMKTS: AVHOQ, BVC: PFAVH) received approval from the U.S. Bankruptcy Court for the Southern District of New York to access its debtor-in-possession (“DIP”) financing totaling US$1490.817.000.

JP Morgan Chase Bank and Goldman Sachs acted as lenders on the DIP financing.

Avianca is the trademark for the group of passenger airlines and cargo airlines under the holding company Avianca Holdings S.A. Avianca has been flying continuously for 100 years. As of December 2019, the Company had over 21,000 employees, operated a fleet of 158 aircraft and served 76 destinations in 27 countries within the Americas and Europe. In 2019, the Company carried 30.5 million passengers, generating revenues of approximately US$ 4.6 billion.

Philippi Prietocarrizosa Ferrero DU & Uría acted as Colombian, Chilean and Peruvian counsel to the lenders, with a team including Hernando Padilla (Partner; Picture), Paula Buriticá, Carlos Padilla, Santiago Cruz and Pedro Arango (Associates).

Simpson Tatcher & Bartlett acted as New York counsel to the lenders with Sandy Qusba (Partner); Nicholas Baker (Counsel); Cristina Gonzalez (Senior Associate); Patrick Wolff (Associate); and Mari Zaldivar (Associate).

Gómez Pinzón Abogados acted as Colombian counsel to the borrower with a team which included Ricardo Fandiño (Partner); Daniel Florez (Senior Associate); Ana María Reyes (Associate); and Silvia Robledo (Associate).

Dentons Cardenas & Cardenas acted as Colombian counsel to the borrower with a team led by Catalina Pinilla (Partner) and Alejandro Parra (Associate).

The Carey Olsen team comprised corporate partner Mary Ward and counsel Sheba Raza who advised Avianca on key Bermuda aspects of the cross-border deal.

Involved fees earner: Sheba Raza – Carey Olsen; Mary Ward – Carey Olsen; Catalina Pinilla – Dentons – Cárdenas & Cárdenas; Ricardo Fandiño – Gómez-Pinzón; Daniel Flores – Gómez-Pinzón; Ana María Reyes Toledo – Gómez-Pinzón; Silvia Robledo Rojas – Gómez-Pinzón; Pedro Arango – Philippi Prietocarrizosa Ferrero DU & Uría; Paula Buriticá Caicedo – Philippi Prietocarrizosa Ferrero DU & Uría; Santiago Cruz Mantilla – Philippi Prietocarrizosa Ferrero DU & Uría; Hernando Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Carlos Padilla – Philippi Prietocarrizosa Ferrero DU & Uría; Nicholas Baker – Simpson Thacher & Bartlett; Cristina Gonzalez – Simpson Thacher & Bartlett; Sandeep Qusba – Simpson Thacher & Bartlett; Patrick Wolff – Simpson Thacher & Bartlett; Mari Zaldivar – Simpson Thacher & Bartlett;

Law Firms: Carey Olsen; Dentons – Cárdenas & Cárdenas; Gómez-Pinzón; Philippi Prietocarrizosa Ferrero DU & Uría; Simpson Thacher & Bartlett;

Clients: Avianca Holdings S.A.; Goldman Sachs; JP Morgan Chase & Co.;

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Author: Ambrogio Visconti.