World’s second-oldest airline faces bankruptcy

World’s second-oldest airline faces bankruptcy

The airline filed for Chapter 11 bankruptcy in New York and said it would continue operations while it restructured its debts.. Avianca's shares closed at 88 cents on Friday in New York, from a high of more than $18 in 2014.. Most pressingly, Avianca was facing a $65 million bond payment due on Sunday that analysts did not think the airline was in a position to meet.. Van der Werff had mounted a public relations campaign in recent weeks to secure emergency aid from Colombia's government, but none had materialized as of Sunday.. IMF approves $2.77bn emergency virus loan for Egypt /node/1673201/business-economy. WASHINGTON: The IMF board approved $2.77 billion in emergency aid for Egypt on Monday, to help the country deal with the impact of the coronavirus pandemic, but said the government will need more financial help.. The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program, but that progress is now threatened, the IMF said in a statement.. IMF Managing Director Kristina Georgieva said the fund has received over 100 requests for aid from its members, and that developing countries will need about $2.5 trillion to deal with the impacts