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- Avianca Holdings filed for bankruptcy on Sunday as the airline industry continues to take a hit under coronavirus travel restrictions.
- In a statement on Sunday, the Colombian flagship carrier said that it filed for Chapter 11 bankruptcy protection in a court in New York.
- The company said the filing was spurred by the COVID-19 pandemic, which grounded Avianca's flight operations since mid-March and has reduced the company's income by over 80%.
- If the company fails to rebound after filing for bankruptcy, it would be the first major airline to shut down as a result of the coronavirus pandemic.
- Visit Business Insider's homepage for more stories.
Avianca Holdings filed for bankruptcy on Sunday as the airline industry continues to take a hit under coronavirus travel restrictions.
The novel coronavirus has led countries around the world to impose strict travel restrictions, causing demand for air travel to plummet. Several airlines around the world have faced new financial hardships, with some collapsing under the pressure.
See the rest of the story at Business Insider
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