Thursday, 22 October 2020
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Who does Avianca owe? Will it survice it’s latest financial crisis?

(QCOSTARICA) With debts exceeding US$7 billion dollars, Avianca Holdings filed on Sunday, May 10, for Chapter 11 Bankruptcy in a court in New York. The request would protect the airline from its multiple creditors while reorganizing its operations and improving its financial situation, which had...

Despite filing chapter 11 in the U.S., Avianca tells its customers “it’s business as usual”

(QCOSTARICA) On Sunday, the Colombian airline, Avianca, filed for bankruptcy protection in the United States, to reorganize its debt “due to the unpredictable impact” of the coronavirus pandemic. No word from the airline how the filing affects its Costa Rica operations, Avianca Costa Rica, formerly...

Avianca Files for Chapter 11 Bankruptcy in US

BOGOTA, COLOMBIA – Avianca, the second-largest airline in Latin America, filed for bankruptcy protection in the United States on Sunday to reorganize its debt “due to the unpredictable impact” of the coronavirus pandemic. n a statement issued in Bogota, Avianca said that along with “some...

Lessons from the Thomas Cook bankruptcy for Costa Rica

The British travel group, Thomas Cook, is credited with the invention of modern tourism in 1841 when it organized the first prepaid trips in London. Its legacy collapsed 178 years later, with an abrupt bankruptcy whose scope is still being quantified. Thomas Cook was listed...

Court rejects Aldesa’s appeal against ruling for judicial intervention

Aldesa Corporación de Inversiones will have to explore other possibilities to reorganize the payment to its investors and avoid bankruptcy, after reporting illiquidity problems that affect their real estate project business. On August 7, the Tribunal Segundo de Apelación Civil de San José (Second Court...

Destinos TV Files For Bankruptcy

José Cortés, owner of Destinos TV, announced Tuesday the opening of a bankruptcy proceeding before the San José Bankruptcy Court. The company went through a series of problems with customers; first, a group of Costa Ricans who tried to travel to the World Cup in...

Court rejects Aldesa Corporación’s judicial intervention

Incomplete financial statements and poor management of communication to creditors motivated the Bankruptcy Court of the First Circuit of San José (Juzgado Concursal del I Circuito de San José) to deny, on March 28, the Aldesa Corporación de Inversiones its request to submit to...

What rural, coastal Puerto Ricans can teach us about thriving in times of crisis

Q FRONT PAGE - Puerto Ricans are searching for solutions to the island’s worst economic and social crisis in a long time. An unprecedented debt level is creating widespread uncertainty about employment and the state’s ability to provide basic services. This crisis is not going...

Payless Closures In The U.S. Does Not Affect Costa Rica

Q COSTA RICA – The Payless ShoeSource filing for Chapter 11 Bankruptcy in the United States will not affect the 28 stores in Costa Rica. The company’s plans are to immediately close nearly 400 stores in United States, Canada and Puerto Rico. En Costa Rica, the...

Yanber Asks Creditors For 10 Year Suspension of Payments To Avoid Bankruptcy

(QCOSTARICA) The manufacturer of flexible packaging and films,  Corporación Yanber, which has a presence in several countries in the region - Costa Rica - Nicaragua - Panama - Guatemala,  and in Puerto Rico and Colombia, has filed for an agreement of suspension of payments in...

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