Avianca Brasil seeks bankruptcy protection

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Avianca Brasil filed for bankruptcy protection on Monday (10 December) according to media reports.

Report claim it was made due to recent yearly losses and the loss of multiple aircraft which were repossessed by aircraft leasing companies this week.

The airline explained that its operations were at risk as a result of the repossessions.

Avianca Brasil, owned by the Synergy Group, is currently the fourth largest airline in Brazil, although it operated independently of Avianca Holdings.