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Avianca Holdings: positive start to 2020 after a rocky 2019

The Latin American airline group Avianca Holdings is in the midst of a significant overhaul that includes a financial restructuring, an overhaul of its network, and a continued revamp of its fleet. 

Avianca has reached a deal to cancel some narrowbody orders and to defer a significant number of aircraft deliveries, which will result in decreased capex in the short term. The latest fleet changes will help the company continue its balance sheet repair.

It is a positive start for Avianca in 2020 after a tumultuous 2019 that included shareholder upheaval and major changes in its senior executive team, including the installation of a new CEO. However, Avianca still has a lot of work to do to decrease its leverage and establish a path to sustained profitability. 

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