Morgan & Morgan acted as Panamanian counsel to Avianca Holdings, S.A. as Borrower in connection to a Senior Secured Convertible Term Loan Agreement for US$ 250,000,000 dated as of November 18, 2019, with United Airlines, Inc. and Kingsland International Group, S.A., as Lenders, and United Airlines, Inc., as Administrative Agent.

Partners Francisco Arias, Ricardo Arias, and Aristides Anguizola participated in this transaction.