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Troubled Colombian airline Avianca is challenging in a New York court a 1997 future flow securitisation of its credit card receivables. Avianca, the world's oldest airline, filed the suit last Friday at the same time as it filed for Chapter 11 bankruptcy protection.

Dresdner Kleinwort Wasserstein has hired Zach Tuckwell, head of European equity portfolio trading at Merrill Lynch, in a similar role in London, and expects to announce up to 10 additional hires in the group in New York, Tokyo and London. Dresdner is finding more demand for portfolio trading and is opportunistically building its presence, according to an official familiar with the plans. Tuckwell will report to Tim Clorite, global head of portfolio trading. Clorite referred calls to the press office. Louise Beeson, spokeswoman at Dresdner in London, did not return calls at press time.

AES Corp. bank debt got a slight boost from the news that the company has reached agreements to conduct three asset sales that will provide approximately $327 million in proceeds. The company's "B" piece was quoted in the 97 3/4-98 1/2 context, up from the 96 1/2 -97 1/2 range after the news. AES has already received cash proceeds of $25 million from the sale of its Mountainview Power equity interest. It will receive another $5 million on April 15 and $20 million if certain project milestones are achieved. The other two transactions are expected to close by the end of the third quarter, if not before. AES will apply 80% of the proceeds from these latest asset sales to its senior bank and bond debt on a pro rata basis, explained Ahmed Pasha, AES' investor relations spokesperson.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.