RELIANCE ON SEC ORDER PROVIDING 45-DAY EXTENSION
OF FILING ANNUAL REPORT ON FORM 20-F
Bogotá, Colombia, April 22, 2020 Avianca Holdings S.A. (Avianca) (NYSE: AVH, BVC: PFAVH) is filing this report on Form
6-K in reliance on the Securities and Exchange Commission (SEC) order dated March 25, 2020, Release No. 34-88465. The purpose of this Report is to notify investors and the public at large of Aviancas inability to timely file its
Annual Report on Form 20-F for the fiscal year ended December 31, 2019 (Annual Report), originally due on April 30, 2020, due to circumstances related to the novel coronavirus known as COVID-19.
As an airline with operations across numerous jurisdictions, the COVID-19 pandemic has resulted in unprecedented challenges for Avianca.
Starting in early March 2020 Aviancas management has been solely focused on overcoming the unique complexities that the COVID-19 pandemic has created for its business and its employees. Consequently, this situation has resulted in a delay in
the preparation and completion of Aviancas Annual Report.
Based on the foregoing, Avianca expects to file the Annual Report on or
prior to June 14, 2020, that is, within 45 days from the original filing deadline.
In light of the COVID-19 pandemic, Avianca expects to
include a Risk Factor in its Annual Report substantially similar to the following (updated as necessary):
Risk Factor
The COVID-19 outbreak has already materially and adversely affected, and may further materially and adversely affect, the airline industry and us.
In December 2019, cases of COVID-19 were first reported in Wuhan, China, and the virus has now spread globally. The World
Health Organization declared COVID-19 a pandemic and, in March 2020, many governments around the world including those of the U.S., Colombia and most Latin American countries declared states of emergency in their
respective jurisdictions and implemented measures to halt the spread of the virus, including enhanced screenings, quarantine requirements and severe travel restrictions.
Following orders by the governments of Colombia and of other countries in which we operate, we have temporarily ceased international passenger
operations to and from Colombia, ceased all Colombian domestic passenger flight operations, and cancelled all passenger flights to and within Peru, El Salvador and Ecuador. As a result of such measures, substantially all of our passenger flights
have been canceled, and the corresponding fleet grounded.
The spread of COVID-19 and the government measures taken to address it have
already had a material and adverse effect on the airline industry and on us and have resulted in unprecedented revenue and demand drop as well as overall macroeconomic uncertainty.
We cannot foresee or quantify the extent of the impact of COVID-19 on our operational and financial performance, which will depend on
developments relating to the spread of the outbreak, the duration and extent of quarantine measures and travel restrictions and the impact on overall demand for air travel, all of which are highly uncertain and cannot be predicted.
As set forth in our report on Form 6-K furnished on March 27, 2020, we have cut all non-essential capital expenditures, and have temporarily
deferred payments on our long-term leases and on