A court puts a stop to the planned rescue loan of the ailing Avianca and intervenes. The transaction of the equivalent of up to 310 million euros for the insolvent airline was stopped. 

The reason for this is a lack of transparency. It is not clear from the documents submitted under what conditions the loan was granted. In addition, the guarantees behind the planned loan would also be kept secret, like the news portal "Aero”Reported. Under these circumstances, the competent court saw the need to act.

Avianca had filed for bankruptcy in May due to the massive drop in sales as a result of the Corona crisis. According to their own statements, the holding company and several subsidiaries applied for bankruptcy protection under Chapter 11 of the US bankruptcy law. Because of the travel restrictions in the pandemic, the financially burdened airline had to cease its regular operations to a large extent in mid-March.