Colombia’s Avianca sells future receivables

Gómez-Pinzón in Bogotá and Smith, Gambrell & Russell LLP in Atlanta have helped Colombian airline Avianca sell future receivables to a special purpose vehicle.

Cayman Islands-incorporated SPV USAVflow relied on local firm Maples and Calder.

USAVflow funded the purchase with a US$150 million loan from Deutsche Bank, which took advice from Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) and Philippi Prietocarrizosa Ferrero DU & Uría (Peru). The deal closed on 12 December.

The agreement hands USAVflow the rights to future receivables generated by Avianca from ticket sales and related services in the US.

Counsel to USAVflow

Maples and Calder

Partner Wanda Ebanks and associates Shari McField in the Cayman Islands

Counsel to Avianca


Partner Ricardo Fandiño and associate Tonia Orozco Smith in Bogotá

Smith, Gambrell & Russell LLP

Partner Ronald Barab in Atlanta

Counsel to Deutsche Bank

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)

Partner Juan Fernando Gaviria and associates Carolina Duque, Marilia Salim and Stefania Olmos in Bogotá

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Associates Oscar Villanueva and Sergio Rodriguez in Lima


Latin Lawyer