Avianca appeals injunction against $370m loan

Colombia’s Avianca, which filed for bankruptcy protection in a New York court in May, has appealed an injunction preventing disbursement of a major loan needed to keep the company afloat. In a filing with the Securities and Exchange Commission on 16 September, Avianca argues that without the $370 million loan it secured from the Colombian government in August, an estimated 3.19 percentage points of the country’s GDP would be at risk, 123,000 annual jobs would be lost over the next five years, and direct and indirect tax revenues would decline by $1.3 billion over the same period. That loan was suspended by a Colombian administrative court last week.