Six months ago, Avianca successfully reorganized under Chapter 11 of the US bankruptcy code, thereby becoming the first non-US airline to use the process to restructure its financial obligations. But the Colombian flag carriers journey through Uncle Sams legal system, which ended on Dec. 10, 2004, has done far more than add a footnote to American business law. It also has helped to write a fresh chapter in the continuing saga of the transformation of the Latin American industry from a ...

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