UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE U.S. SECURITIES EXCHANGE ACT OF 1934
For the month of May 2020
Commission File Number: 001-36142

Avianca Holdings S.A.
(Name of registrant)

Edificio P.H. ARIFA, Pisos 9 y 10, Boulevard Oeste
Santa María Business District
Panama City, Republic of Panama
(+507) 205-7000
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F  ☒ Form 40-F  ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

May 18, 2020
RELEVANT INFORMATION
ENGLISH TRANSLATION OF RESPONSES FILED BY AVIANCA HOLDINGS TO
CERTAIN REQUESTS FOR INFORMATION RECEIVED FROM THE FINANCIAL
SUPERINTENDENCY OF COLOMBIA (“SFC”)
On May 15, 2020 and May 18, 2020, Avianca Holdings S.A. (the “Company” or “Avianca”) filed certain relevant information with the Colombian Stock Exchange (Bolsa de Valores de Colombia or “BVC”), in response to certain requests for information submitted by the SFC. A translation of such responses is attached as Exhibits 99.1, 99.2 and 99.3 to this report on Form 6-K,.

SIGNATURES
Pursuant to the requirements of the U.S. Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 18, 2020

AVIANCA HOLDINGS S.A.	
		
By:	 	/s/ Richard Galindo	
Name:	 	Richard Galindo	
Title:	 	General Secretary	

Exhibit Index

Exhibit No.	  	Description	
		
99.1	  	Response dated May 15, 2020 to SFC information request– THESE ARE AVIANCA HOLDINGS’ FIVE LARGEST CREDITORS.	
		
99.2	  	Response dated May 15, 2020 to SFC information request– AVIANCA DISCLOSES TOTAL REVENUE AND OPERATING RESULTS INFORMATION FOR Q1 2020, BASED ON MANAGEMENT INFORMATION.	
		
99.3	  	Response dated May 18, 2020 to SFC information request– CURRENT STATUS OF THE BONDS ISSUED IN THE INTERNATIONAL CAPITAL MARKETS BY AVIANCA HOLDINGS OR ITS SUBSIDIARIES.	

Exhibit 99.1

THESE ARE AVIANCA HOLDINGS’ FIVE LARGEST CREDITORS
BOGOTÁ, Colombia, May 15, 2020 – Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) (the “Company” or “Avianca”) confirms that the information published on May 11 by newspaper El Tiempo, relating to the Company’s five largest creditors is accurate.
One of the motions the Company has filed in connection with the commencement of its voluntary reorganization proceedings includes a list of its five largest creditors, that includes: the name of each creditor, an estimated amount of such creditor’s claim and a description of the collateral granted, shown below:

	Creditor / Address	  	Claim Amount	 	  	Debt Type	  	Description of
Collateral	
1	  	Wilmington Savings Fund Society, FSB
500 Delaware Avenue
Wilmington, DE 19801
Tel: 302-888-7240
Email: phealy@wsfsbank.com	  	$	484,419,000.00	 	  	Bonds	  	Aircraft residual value and certain intellectual property		
						
2	  	UMB Bank, N.A.
Marilee Sobieski
6550 S. Millrock Drive, Suite 150
Salt Lake City, UT 84121
Tel: 385-715-3013
Email: corptrustutah@umb.com
Marilee.Sobieski@umb.com	  	$	325,000,000.00	 	  	Long Term Debt	  	Credit card receivables collections Fiduciary agreement		
						
3	  	Wells Fargo Bank Northwest N.A.
(in its capacity as Owner Trustee)
299 South Main Street, 5th Floor
Salt Lake City, UT 84111
Tel: 801-246-7142	  	$	271,117,294.00	 	  	Aircraft Loan Agreement	  	(1) A319, (3) A320, (2) A321, (2) B787 aircraft		
						
4	  	ING Capital LLC US
David Jaquet
1133 Avenue of the Americas, 8 Fl
New York, NY 10036
Tel: 646-424-6000
Email: David.Jaquet@ing.com	  	$	123,559,193.00	 	  	ECA Aircraft Loan Agreement	  	One Boeing 787-900 MSN 65315		
						
5	  	Banco De Bogota New York Agency (in its capacity as Agent)
Attn: Gladys Gonzalez Cortes
Calle 36 # 7-47 Piso 12
Bogota, Colombia
Email: gonza1@bancodebogota.com	  	$	107,250,000.00	 	  	Long Term Debt	  	Credit card receivables		

Said document also included a list of the Company’s 40 largest unsecured creditors, all of whom have smaller claims than the ones shown above.
As described as part of our general description of reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code dated May 12, 2020, at a later stage the debtors work to negotiate and document a plan of reorganization, that will provide a comprehensive restructuring framework and govern the recovery provided to the debtors’ creditors and equity holders. Assuming certain legal standards are met, the plan of reorganization is then confirmed by the United States Bankruptcy Court for the Southern District of New York.
Additionally, we also inform that the minutes of the Board of Directors’ meeting of the Company that took place on May 10, 2020, and authorized the Company and certain of its subsidiaries and affiliates to file voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York were attached to the Company’s petition, as informed by these means on May 10, 2020.
Additional Resources
Additional resources for customers and other stakeholders, and other information on Avianca’s filings, can be accessed by visiting the Company’s Reorganization website at aviancawillkeeponflying.com. Court filings and other documents related to the Chapter 11 process in the U.S. are available on a separate website administered by Avianca’s claims agent, Kurtzman Carson Consultants, at www.kccllc.net/avianca. Information is also available by calling (866) 967-1780 (U.S./Canada) or +1 (310) 751-2680 (International), as well as by email at www.kccllc.net/avianca/inquiry.
About Avianca Holdings S.A. (NYSE: AVH) (BVC: PFAVH)
Avianca is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. With more than 21,000 employees, the Company had revenues of US$4.6 billion in 2019 and transported 30.5 million passengers. On February 22, 2019, the Company announced its corporate transformation plan consisting of four key pillars: 1) the improvement of operational indicators, 2) fleet adjustments, 3) the optimization of operational profitability and 4) repositioning of non-strategic assets. On May 24, 2019, control of the Company was assumed by Kingsland Holdings Limited, an independent third party of United Airlines.

Investor Relations Office
+571 587 77 00 ext, 2474, 1349
ir@avianca.com

Exhibit 99.2

AVIANCA DISCLOSES TOTAL REVENUE AND OPERATING RESULTS INFORMATION FOR Q1
2020, BASED ON MANAGEMENT INFORMATION
BOGOTÁ, Colombia, May 15, 2020 – Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) informs that:
Avianca Holdings S.A. and its affiliates (the “Company” or “Avianca”), and the airline industry as a whole, have been seriously affected by the COVID-19 pandemic and the resulting government-mandated air travel restrictions.
This situation has had an unprecedented impact in the Company’s operations and, in order to preserve and reorganize the Company’s businesses, on May 10, 2020, Avianca Holdings S.A. and certain of its subsidiaries and affiliates have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. On such date, Avianca also decided to commence a voluntary liquidation of Avianca Peru S.A.
The Company applies International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board. The IFRS’ Conceptual Framework for Financial Reporting framework sets forth that: “Financial statements are normally prepared on the assumption that the reporting entity is a going concern and will continue in operation for the foreseeable future. Hence, it is assumed that the entity has neither the intention nor the need to enter liquidation or to cease trading. If such an intention or need exists, the financial statements may have to be prepared on a different basis. If so, the financial statements describe the basis used.”
The Company’s decision to voluntarily file for Chapter 11 of the of the United States Bankruptcy Code and to wind-down its operations in Peru, require a strict scrutiny of the basis that need to be used in respect of each of the Companies, and consequently on its consolidated financial statements.
Additionally, for purposes of the disclosure of financial information for the first quarter of 2020, and taking into account the unprecedented impact -which to a large extent remains undetermined- of COVID-19 on the Company and the airline industry as a whole, it is necessary to asses on a wider scope certain measurements that are not usually taken account for quarterly information, such as, among others:

 	•	 	Goodwill	
 
 	•	 	Assets with an undefined useful life	
 
 	•	 	Property and Equipment	
 
 	•	 	Assets available for sale	
 
 	•	 	Accounts receivable	
 
 	•	 	Provisions for the conditions of return of aircrafts	
 
 	•	 	Depreciation of assets for general use	
 
 	•	 	Reasonable value of assets	
 
 	•	 	Employee benefits	
These measurements involve a high decree of estimation, that requires information which may reasonably be considered to be an accurate representation of the overall conditions on the measurement date, pursuant to the IFRS conceptual framework.
Specifically, given the global effect of the pandemic on air travel and the resulting industry volatility, we do not believe we currently have updated reliable estimates regarding the market value of our aircraft. Additionally, at present the process of how the different governments will reopen their airspace is unclear and not foreseeable, as is the possible future behavior of air traffic demand. This uncertainty has a significant impact on the valuation scenarios used to determine the value-in-use of our long term assets.
Consequently, as of the date of this report, it is not possible to determine the reasonable value, nor the value-in-use of our long term assets. These two elements are indispensable for purposes of measuring impairments. The implicit uncertainty levels for these calculations are significant enough that such estimations may be worthless as of this date, and therefore it is not possible to satisfy the quality standards set forth in the applicable regulation, that requires that financial information must accurately represent the phenomena which it intends to represent, and that it must be complete, neutral and free of errors.
However, the Company is assessing the appropriate disclosure that would allow the user of the financial information to learn about the impact, or probable impact of the developments that took place over the past week -all of which occurred after the first quarter – and must be included in the notes to the financial statements in order to assist in their review and understanding. An example of

this is the voluntary liquidation of Avianca Peru, where it is now necessary to evaluate such assets as a “discontinued operation”, which will require the valuation of its assets and liabilities, and the effect on other companies in the corporate group in terms of intercompany balances and receivables.
Based on the above, the Company will report its financial statements as of and for the quarter ended March 31, 2020, on or before June 15, 2020. The Company reconfirms its commitment with the market and its investors, in connection with the preparation and disclosure of its financials for the first quarter 2020, that are also subject to review by our external auditors.
Below you will find management information relating to total revenue and operating results for the first quarter, in advance of the final financial statements:
The following table shows operating statistics for passenger flights during the month of March 2020 and for the first quarter:

	Operating Statistics	  	Mar-20	 	 	Mar-19	 	 	D Y/Y	 	 	Q1 2020	 	 	Q1 2019	 	 	D Y/Y	 	
Avianca Holdings (consolidated basis)	  				 				 				 				 				 					
PAX (K)1	  	 	1,212	 	 	 	2,596	 	 	 	-53.3	% 	 	 	5,998	 	 	 	7,759	 	 	 	-22.7	% 		
ASK (mm)2	  	 	2,719	 	 	 	4,660	 	 	 	-41.7	% 	 	 	11,325	 	 	 	13,936	 	 	 	-18.7	% 		
RPK (mm)3	  	 	1,761	 	 	 	3,790	 	 	 	-53.5	% 	 	 	8,687	 	 	 	11,433	 	 	 	-24.0	% 		
Occupation Factor4	  	 	64.8	% 	 	 	81.3	% 	 	 	-16.5	pp 	 	 	76.7	% 	 	 	82.0	% 	 	 	-5.3	pp 		
								
Domestic Market	  				 				 				 				 				 					
PAX (K)1	  	 	734	 	 	 	1,460	 	 	 	-49.7	% 	 	 	3,531	 	 	 	4,352	 	 	 	-18.9	% 		
ASK (mm)2	  	 	490	 	 	 	819	 	 	 	-40.1	% 	 	 	1,987	 	 	 	2,414	 	 	 	-17.7	% 		
RPK (mm)3	  	 	318	 	 	 	653	 	 	 	-51.2	% 	 	 	1,538	 	 	 	1,966	 	 	 	-21.7	% 		
Occupation Factor4	  	 	64.9	% 	 	 	79.7	% 	 	 	-14.7	pp 	 	 	77.4	% 	 	 	81.4	% 	 	 	-4	pp 		
								
International Market	  				 				 				 				 				 					
PAX (K)1	  	 	478	 	 	 	1,136	 	 	 	-57.9	% 	 	 	2,467	 	 	 	3,407	 	 	 	-27.6	% 		
ASK (mm)2	  	 	2,229	 	 	 	3,841	 	 	 	-42.0	% 	 	 	9,338	 	 	 	11,522	 	 	 	-19.0	% 		
RPK (mm)3	  	 	1,443	 	 	 	3,137	 	 	 	-54.0	% 	 	 	7,149	 	 	 	9,467	 	 	 	-24.5	% 		
Occupation Factor4	  	 	64.7	% 	 	 	81.7	% 	 	 	-16.9	pp 	 	 	76.6	% 	 	 	82.2	% 	 	 	-5.6	pp 		
D Y/Y: In terms of the same period during the immediately preceding year.
The following table shows financial figures based on management information for the first quarter of 2020:

	Management Financial Figures (in thousands of USD)	  	Q1 2020	 	
Total revenue	  	 	943,920	 		
Cash and cash equivalents	  	 	423,917	 		
Short term investments	  	 	49,690	 		
Total debt	  	 	5,356,881	 		

About Avianca Holdings S.A. (NYSE: AVH) (BVC: PFAVH)
Avianca is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. With more than 21,000 employees, the Company had revenues of US$4.6 billion in 2019 and transported 30.5 million passengers. On February 22, 2019, the Company announced its corporate transformation plan consisting of four key pillars: 1) the improvement of operational indicators, 2) fleet adjustments, 3) the optimization of operational profitability and 4) repositioning of non-strategic assets. On May 24, 2019, control of the Company was assumed by Kingsland Holdings Limited, an independent third party of United Airlines.
For further information:
Investor Contact
Investor Relations
ir@avianca.com
(571) (5877700)
Media Contacts
Avianca in Colombia and South America:
Viviana Escobar, Corporate Communications
viviana.escobar@avianca.com
Avianca in USA, Central America and Europe:
Adriana Paulinne Sánchez, Corporate Communications
Adriana.sanchez@avianca.com
Joele Frank, Wilkinson Brimmer Katcher:
Leigh Parrish
lparrish@joelefrank.com
+1 (917) 282 8908
LLYC:
Alejandra Aljure, Director
aaljure@llorenteycuenca.com

Exhibit 99.3

CURRENT STATUS OF THE BONDS ISSUED IN THE INTERNATIONAL CAPITAL MARKETS BY
AVIANCA HOLDINGS OR ITS SUBSIDIARIES
BOGOTÁ, Colombia, May 18, 2020 – Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) (the “Company” or “Avianca”) informs that, as of the date of this report and following the exchange of certain notes in 2019, as described below, the Company and its subsidiaries have two series of notes outstanding.
In May 2013, the Company issued $300 million in aggregate principal amount of 8.375% senior notes due 2020 that were guaranteed by certain of Avianca’s subsidiaries, and in April 2014, the Company issued an additional $250 million in aggregate principal amount of 8.375% senior notes due 2020. As previously disclosed, 88.1% of these notes, amounting to $484.4 million in aggregate principal amount thereof, were exchanged pursuant to an exchange offer and a succeeding mandatory exchange, for 9.000% senior secured notes due 2023. The 11.9% of 2020 unsecured notes (amounting to $65.6 million in aggregate principal amount) that were not exchanged were listed on the German Stock Exchange located in Frankfurt until May 6, 2020 as the unsecured notes were scheduled to mature on May 10, 2020. The relevant delisting notice can be found here: https://www.xetra.com/xetra-de/newsroom/xetra-newsboard/FRA-Deletion-of-Instruments-from-XETRA-06.05.2020-002-1979960.
Additionally, the Company’s 2023 9.000% secured notes are currently listed with the Singapore Stock Exchange, as evidenced here: https://www.sgx.com/fixed-income/wholesale-fixed-income-securities?page=8&fireglass_rsn=true&pagesize=20. Since the Company and several of its subsidiaries have filed for Chapter 11 protection with the United States Bankruptcy Court for the Southern District of New York, and given that the Company failed to make payment in respect of the interest payment due on May 10, 2020, the security has been categorized as unpaid based on the most recently available price for the notes in the Bloomberg Platform, the ‘clean price’ of the 2023 notes’ as of May 11, 2020 was U.S.¢ 20.9, while their yield to maturity, amounted to 77.3%.
Finally, in connection with the report filed on May 12, 2020 titled: “NYSE to Suspend Trading Immediately in Avianca Holdings S.A. (AVH) and Commence Delisting Proceedings”, the Company clarifies that the immediate consequence of such unilateral action by the New York Stock Exchange

is that the Company’s ADSs are restricted from trading in the New York Stock Exchange. Further, the Company reiterates that the BVC has informed Avianca that the Company’s preferred shares will continue to trade normally in the BVC. As of the date of this report, the Company is not aware of any possible implications that the delisting of the ADSs could have on the rights of the holders of the Company’s non-voting shares entitled to a preferred dividend, given that domestic investors’ trading mechanics remain unchanged.
About Avianca Holdings S.A. (NYSE: AVH) (BVC: PFAVH)
Avianca is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. With more than 21,000 employees, the Company had revenues of US$4.6 billion in 2019 and transported 30.5 million passengers. On February 22, 2019, the Company announced its corporate transformation plan consisting of four key pillars: 1) the improvement of operational indicators, 2) fleet adjustments, 3) the optimization of operational profitability and 4) repositioning of non-strategic assets. On May 24, 2019, control of the Company was assumed by Kingsland Holdings Limited, an independent third party of United Airlines.
For further information:
Investor Contact
Investor Relations
ir@avianca.com
(571) (5877700)
Media Contacts
Avianca in Colombia and South America:
Viviana Escobar, Corporate Communications
viviana.escobar@avianca.com
Avianca in USA, Central America and Europe:
Adriana Paulinne Sánchez, Corporate Communications
Adriana.sanchez@avianca.com
Joele Frank, Wilkinson Brimmer Katcher:
Leigh Parrish
lparrish@joelefrank.com
+1 (917) 282 8908

LLYC:
Alejandra Aljure, Director
aaljure@llorenteycuenca.com