I thought some of you might find this informative. It was taken from the SUMMA website:

The positive effects of the alliance helped offset the negative impact that September 11 had on the entire aviation industry. Unfortunately, the situation for airline carriers has only worsened as of late. Since the end of 2002, unforeseen market and economic conditions, added to the lingering challenges post-September 11, have had a devastating impact on the aviation industry as a whole. Sharp increases in fuel prices, a slow U.S. economy, and continued contraction in travel have forced airlines worldwide to dramatically cut costs.

The situation facing the airlines of the alliance is further complicated by the drastic devaluation of the Colombian Peso, weak economies in key countries such as Venezuela and Argentina and further reduction in travel due to risks associated with flying to Colombia and restrictions on visas for Colombians. In 2002, the negative impact of the devaluation alone was approximately $27 million.

It should come as no surprise that Alianza Summa, like other airline organizations, must improve its financial position if we are to remain competitive. The framework for achieving improved financial performance includes a variety of ambitious initiatives that will require significant belt-tightening.

As a first step to improving our operations Avianca and Avianca Inc. voluntarily filed for Chapter 11 protection in the United States. This is the same restructuring process benefiting other airlines today. Like them, Avianca will continue operating and meeting the needs of our customers, while at the same time actively pursuing aggressive reorganization.

Avianca remains committed to its mission of providing safe and secure operations, making the travel experience pleasantly memorable for all customers and maintaining transparency in business practices.

We are focused on emerging from this challenging period a stronger and more competitive organization. Meeting and exceeding the expectations of our customers will continue to be our primary objective.