Abra Group, the newly launched holding for Avianca Group and GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas), plans to list its shares in either London or New York in the next 12 to 18 months, Avianca Group's head of investor relations, Maria Cristina Ricardo, told Bloomberg.
The New York Stock Exchange (NYSE) suspended the trading of American Depositary Shares (ADS) in Avianca Group - then still Panama-domiciled as Avianca Holdings - in May 2020, in response to the holding's filing for Chapter 11 restructuring. The firm decided to suspend its shares on the Bolsa de Colombia in November 2021 and subsequently delisted them as part of its reorganisation. As such, it is currently not traded on any bourse.
In turn, GOL remains listed both on the Sao Paulo B3 stock exchange and on the NYSE.
The new holding for the two airlines, which will retain their individual branding and corporate structures, has already been incorporated in the United Kingdom and assumed ownership of both Avianca Group and GOL. The reorganisation remains under competitive review.
Recently, LATAM Airlines Group, which also underwent Chapter 11 restructuring during the pandemic, announced plans to relist its American Depository Receipts (ADRs) on the NYSE in 2023.
Bolstered by surging demand for travel and despite the recent devaluation- and stagnation-linked crisis in Colombia that precipitated the collapse of Viva (Colombia) and Ultra Air, Avianca Group has managed to reduce its debt from USD5.3 billion to USD3.1 billion, Ricardo said.
