By Rick Archer (September 16, 2021, 6:59 PM EDT) -- A New York bankruptcy judge has given Colombian airline Avianca permission to send its debt swap Chapter 11 plan to its creditors for a vote, rejecting arguments that the filing fails to explain the plan's treatment of unsecured creditors and liability releases.
In a written opinion issued Wednesday, U.S. Bankruptcy Judge Martin Glenn said Avianca's disclosure statement for its Chapter 11 plan contained enough information for creditors to pass legal muster, overriding an objection by the U.S. Trustee's Office, the only formal challenge to the statement.
The company — Colombia's largest airline and the second largest carrier in Latin America —...
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