The Colombian-born airline, which operates in all Central American countries, voluntarily filed for bankruptcy in the United States following the company's economic losses due to the spread of covid-19 globally.
This process was necessary due to the unpredictable impact of the covid-19 pandemic, which has caused a 90% decrease in global passenger traffic and is expected to reduce industry revenues worldwide by US$314 billion, according to the International Air Transport Association (IATA), the company reported.
The chain Payless ShoeSource has filed for bankruptcy and announced a plan to restructure its operations, which will not affect those it has in Central America.
The recent bankruptcy of RG Hotels and its impact on the market have once again put on the table the need for a legal framework to allow for orderly restructuring or settlement of failed companies.
A bill providing an adequate legal framework for companies facing financial difficulties that would allow them to be reorganized without having any adverse effects on third parties is one of the proposals that the Banking Association of Panama has been trying to bring to fruition for years, without success. The effects still being felt by companies and investors from the bankruptcy of RG Hotels reflects the need to promote legislation, which "... would be supported by the banking regulator, Ricardo Fernandez, Superintendent of Banks of Panama, who also confirmed an interest in the subject to ANPanamá. "
The companies in Grupo Unidos por el Canal "would like it if each of the consortium members could make a claim directly with the Canal authority and not through GUPC, in the case it files for bankruptcy."
The announcement was made by the administrator of the Panama Canal Authority (ACP), Jorge Luis Quijano, which comes at a time when the there is a remergence of the issue of claims for increased costs that led to the stoppage of the works during the past year.
Five subsidiaries of Codere, which operates 11 casinos in Panama, have declared bankruptcy a month after their holding company did so.
Five subsidiaries of the Coderegambling chain have declared bankruptcy a month after the parent company announced it was facing serious financial problems which prevented it from honoring its debts. The Panamanian subsidiary continues to operate normally.
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Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand. The OHNE brand has 8 product lines: square bread, sweet...
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