Brazilian airline Avianca Brasil plans to split into seven units that it will au...
SAO PAULO - Brazilian airline Avianca Brasil plans to split into seven units that it will auction off separately, with rivals LATAM Airlines and Gol Linhas Aereas Inteligentes both planning to bid for some of those parts in a bankruptcy auction.
Azul signed a preliminary agreement this month to pay at least $105 million for a selection of Avianca Brasil’s assets, a proposal that had been considered a coup by analysts who saw it as a way for Azul to challenge its bigger competitors: LATAM and Gol. Gol and LATAM are now offering at least $70 million each, and both said their bids had been requested by Avianca Brasil’s largest creditor, hedge fund Elliott Management.
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