Legal Services
Milbank
Full Credential Description
Milbank LLP represented Avianca Airlines, the second-largest airline group in Latin America, during its chapter 11 reorganization, which was initiated in May 2020. The airline faced significant challenges due to the financial impact of the COVID-19 pandemic, necessitating a restructuring to stabilize its operations and financial health. Through the chapter 11 process, Milbank facilitated Avianca in securing critical short-term financing, which was essential for maintaining operations during the restructuring. The firm also helped Avianca tailor its fleet of leased aircraft to align with a revamped business model, allowing the airline to adapt to changing market . As a result of these efforts, Avianca successfully eliminated over $1 billion in net debt. Aviancas chapter 11 process was largely consensual, and on December 1, 2021, it became the first Latin American airline to emerge from chapter 11 during the 2020-21 restructuring wave. With its emergence, Avianca was able to present a leaner, well-capitalized business to its creditors, positioning itself to effectively compete for passengers and cargo as the aviation industry began to recover.