Avianca Holdings SA ADR (fka AVHOQ)

[lwc23]

Avianca has been exploring strategic options that include selling all or a significant stake in the company, people familiar with the matter told Bloomberg.

The Wall Street Journal earlier reported Avianca was working with a financial advisor and had sent letters to potential bidders seeking to raise around $500 million, the newspaper said, citing sources it did not identify.

The company operates a fleet of about 180 planes flying to 105 destinations in 28 countries. Avianca said last month it was cutting deliveries from Airbus by $1.4 billion over the next 30 months as part of efforts to reduce debt.