Avianca is Latin America’s second-largest airline and the world’s second oldest airline. On 10 May the company filed for Chapter 11 bankruptcy in New York, where it is listed on the New York Stock Exchange, having failed to meet a $66m bond payment deadline. The airline’s plea for aid from the Columbian Government has so far been unsuccessful.
JCPenney (“JCP”), a cornerstone retailer in US shopping malls, has joined a myriad of American brick-and-mortar chains to file for bankruptcy, following years of debt overload which had been worsened by the coronavirus pandemic.
Mothercare has entered administration, closing all UK stores, with its consequences potentially affecting Mamas & Papas. Mothercare previously issued profit warnings and had entered a Company Voluntary Arrangement in June 2018 to reduce rental payments for their store leases after suffering financial difficulties.