Avianca says CFO has met with 'various strategic partners'
Avianca Holdings announced that under its "Avianca 2021" strategy, the new management of Avianca Holdings is rapidly advancing in the execution of a plan to strengthen the company's competitiveness and implement necessary financial adjustments. One of the fundamental pillars of the plan is operational efficiency. Since November of last year, the company has begun a systematic effort to improve punctuality, achieving measurable improvement. It will continue to make changes in itineraries, routes, schedules and frequencies and, working with the Colombian aeronautical authority, simplify its operation and provide a better service to customers. Roberto Kriete, Chairman of the Board of Directors stated: "Supported by Kingsland, which since May 24 assumed control of the company, and with the know-how of United, strategic partner of Avianca, the airline will continue to make decisions that recover and strengthen the confidence of our clients and investors." He stressed that the Avianca 2021 plan reclaims the essence of the company: "We are, first and foremost, an airline." In parallel, the new Chief Financial Officer of Avianca Holdings, Adrian Neuhauser, who will lead the financial execution of the "Avianca 2021" plan, has met with various strategic partners of the airline. According to Neuhauser, "the goal of the 2021 strategy for Avianca Holdings is to achieve sustainable and competitive growth, doubling current operating margins while maintaining disciplined capital investments, generating consistent cash flow that would achieve conservative leverage levels by 2021. In the immediate term, the re-profiling of our debts is essential to ensure adequate liquidity."