INSOLVENCY AND FLEURIET MODEL: THE CASE OF AVIANCA BRASIL

INSOLVENCY AND FLEURIET MODEL: THE CASE OF AVIANCA BRASIL

Authors

  • Hugo Alves Silva Ribeiro Agência Nacional de Transportes Terrestres (ANTT)
  • Carlos Henrique Rocha Universidade de Brasília (UnB)
  • Mateus Sakai Aratani Universidade de Brasília (UnB)
  • Nathane Eva Santos Peixoto Instituto Federal de Brasília (IFB)

DOI:

https://doi.org/10.21527/2237-6453.2021.57.10907

Keywords:

Airline. Insolvency. Fleuriet model.

Abstract

This article shows that the insolvency status of Avianca Brasil airline was predictable, corrective measures could have been taken. The analysis is conducted with the Fleuriet model. The key part of the model is the company's restructured balance sheet. Avianca's traditional balance sheets were obtained from ANAC's website. Between 2015 and 2018 (3Q), Avianca was classified by Fleuriet as "Very Bad", dependent on short-term debts and without the funds to serve its operational activities. This scenario is usually solved by the sale of non-current (permanent) assets, representing the beginning of a company liquidation or insolvency. The company's shareholders' equity fell sharply during this period, preventing development. The precariousness of Avianca's finances could have been detected well before the current situation of its probable collapse. With the departure of Avianca, the national commercial aviation market are in the hands of three companies: LATAM, GOL and Azul.

In the end, this study also shows that part of Avianca's bankruptcy path is being followed by some airlines in the country. This indicates a possible collapse in the Brazilian airline industry and, if nothing is done, it could compromise the development of passenger transport in the nation.

Author Biographies

Hugo Alves Silva Ribeiro, Agência Nacional de Transportes Terrestres (ANTT)

Doutor em Transportes pela Universidade de Brasília (UnB). Servidor da Agência Nacional de Transportes Terrestres (ANTT).

, Mestre em Engenharia de Produção pela Universidade Federal de São Carlos e Engenheiro de Produção pela Universidade Federal de Itajubá. Atua como Servidor especialista em Regulação da Agência Nacional de Transportes Terrestres.

Carlos Henrique Rocha, Universidade de Brasília (UnB)

Doutor em Teoria Econômica pela University of Liverpool. Professor da Universidade de Brasília (UnB).

Mateus Sakai Aratani, Universidade de Brasília (UnB)

Graduado em Administração pela Universidade de Brasília (UnB).

Nathane Eva Santos Peixoto, Instituto Federal de Brasília (IFB)

Doutoranda e Mestre em Transportes pela Universidade de Brasília (UnB). Professora do Instituto Federal de Brasília (IFB).

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Published

2021-12-29

How to Cite

Ribeiro, H. A. S., Rocha, C. H., Aratani, M. S., & Peixoto, N. E. S. (2021). INSOLVENCY AND FLEURIET MODEL: THE CASE OF AVIANCA BRASIL: INSOLVENCY AND FLEURIET MODEL: THE CASE OF AVIANCA BRASIL. Desenvolvimento Em Questão, 19(57), 327–340. https://doi.org/10.21527/2237-6453.2021.57.10907

Issue

Vol. 19 No. 57 (2021): (out.-dez. 2021)

Section

Artigos

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