Avianca's situation, in regard to a bailout, is even more complicated than other airlines as they are an amalgamation of several central and south american airlines (El Salvador, Peru, Colombia, Ecuador, Guatemala, Honduras - and I'm probably forgetting others ...), which makes for a very difficult and complex negotiation without a clear path to receive help from poor and cash straped governments
A very valid point that you bring up. I believe United also owns up to 49% of the airline as well.