 Due to this they issued more debt to cover short term liabilities, and concluded a debt exchange December 31, 2019.This lack of liquidity, and amount of debt left them particularly vulnerable to the cessation of business which occurred as a result of the COVID-19 pandemic.Colombia has implemented a strict lockdown such that the airline was not allowed to operate; and so it flew no scheduled flights between late March and May; and most of its 20,000 employees have gone without pay throughout the crisis.