|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Karen C. Cook |
|
 Seabury Group Completes Financial Restructuring for Avianca NEW YORK, December 10 2004 – Seabury Group today announced that it has completed financial restructuring for Avianca, Colombia’s leading airline, allowing the company to emerge from Chapter 11 bankruptcy protection. “This is the first time any non-US-based airline has taken the approach of filing for Chapter 11 protection in the United States instead of its home country, as far as we are aware,” said Scott C. Gibson, managing director, Seabury Group. Serving as Avianca’s sole financial advisor, Seabury: • restructured $274* million of financial obligations • advised the company on $63 million of equity capital from OceanAir, the Brazilian airline, and Federación Nacional de Cafeteros • reduced aircraft and lease obligations by $70 million • significantly improved Avianca’s cash management and liquidity position • devised a cash-forecasting system Seabury also worked with Avianca to develop a seven-year business plan. Avianca, the oldest airline in the Americas, has a fleet of 36 planes, and operates in 18 destinations in Colombia and in 17 points in the Americas and Europe. Its Bogotá hub offers an average of 290 daily flights among different destinations in the country and abroad. At present, travelers have more than 6,000 possibilities for connections among destinations served directly, or through code sharing agreements with other internationally recognized airlines. Besides servicing air transportation of passengers, Avianca offers a complete portfolio of tourist services, mail transport, cargo, courier and aviation assistance through its business units Deskubra, Deprisa and Assistance. More information may be found at www.avianca.com Founded in 1995 in New York, Seabury Group provides investment banking, financial advisory, restructuring and consulting services, primarily for transportation companies and those in related industries. With more than 75 professionals in the United States and Europe, Seabury has one of the largest investment banking, restructuring, and management consulting practices in the world dedicated to the transportation sector. As investment banker and financial advisor to Air Canada in its recent restructuring under CCAA (Companies’ Creditors Arrangement Act), Seabury restructured approximately C$13 billion of debt and lease obligations, and raised $1.1 billion of new equity capital through a combination of underwritten rights offering (C$850 million) and private equity (C$250 million). It was one of the largest passenger air carrier equity raises in history. The company also advised Air Canada on the arrangement of C$540 million of exit debt financing as well as on financing for a new regional jet order, and on restructuring its network, distribution system and fleet, and on corporate-wide cost-reduction initiatives. In addition to its work for Avianca and Air Canada, Seabury has been engaged by US Airways Group. The company previously advised America West Airlines, Inc. (2001) and Continental Airlines, Inc. (1995) in their successful “out-of-court” restructurings. Other assignments include Mergers and Acquisitions and financial advisory work for such investment funds as Blackstone Capital L.P., Oaktree Capital Management and Texas Pacific Group L.P. and creditor assignments for such financial institutions as US Eximbank, Deutsche Bank, and Lehman Brothers. * Updated 01/14/2005 |
|
|
||||
Home |
Services | Company | Industries
| Clients | Contact Us | News | Sitemap |
||||