United exercises remedial measures under loan agreement with Avianca

United Airlines announced (24-May-2019) BRW Aviation, an affiliate of Synergy Aerospace, is in default on a USD456 million term loan, which is guaranteed by BRW's equity and common shares of Avianca Holdings. United exercised remedies available to it under the terms of the loan agreement. In connection with the delivery by United of a notice of default to BRW, Kingsland Holdings, Avianca Holdings' largest minority shareholder, was granted independent authority to manage BRW, which remains the majority shareholder of Avianca Holdings. United added it is committed to the possibility of supporting offering a USD150 million loan to Avianca Holdings if needed and requested by Avianca Holdings, assuming certain commitments and waivers are made by other stakeholders. [more - original PR]