Airlines Gol and LATAM to bid for Avianca Brasil assets

FILE PHOTO:  Avianca Brasil Airbus A319 plane lands at Santos Dumont Airport in Rio de Janeiro
FILE PHOTO: An Avianca Brasil Airbus A319-100 plane ands at Santos Dumont Airport in Rio de Janeiro, Brazil, June 6, 2016. REUTERS/Ricardo Moraes/File Photo

April 3, 2019

SAO PAULO (Reuters) – Chile’s LATAM Airlines and Brazil’s Gol Linhas Aereas Inteligentes said on Wednesday they would make separate bids of at least $70 million for some assets of struggling Avianca Brasil, which is going through bankruptcy proceedings.

Both airlines said they had been approached by hedge fund Elliott Management, Avianca Brasil’s largest creditor, soliciting the bid. Airline competitor Azul SA had announced a $105 million bid for some Avianca Brasil assets in the past, although at least Gol is bidding for fewer assets.

(Reporting by Marcelo Rochabrun; Editing by Chizu Nomiyama)

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