February 22, 2019 / 1:04 PM / 3 months ago

Colombia's Avianca says halts due diligence for Avianca Brasil merger

SAO PAULO, Feb 22 (Reuters) - Colombia’s Avianca Holdings SA said on Friday that it has suspended due diligence for a long-planned merger with Avianca Brasil, which operates independently and is going through bankruptcy protection proceedings.

Avianca also said it would sell its fleet of Embraer planes as it seeks to curtail growth in the future. The airline reported net income of $19.3 million for the last quarter of 2018 on Friday. (Reporting by Marcelo Rochabrun; Editing by Christian Plumb)

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