Latin American airline Avianca said on Monday it will receive a US$200 million loan from controlling shareholders United Airlines and Kingsland Holdings Limited after it successfully exchanged hundreds of millions of dollars in bonds.

The struggling airline can receive up to US$175 million in additional financing from shareholders and other third parties, Avianca said in a statement to Colombia's financial regulator.

United and Kingsland agreed to the loan, which should be made by around Oct. 15, on condition of a successful bond exchange which took place last month.

United launched a management overhaul at Avianca in May, removing top shareholder German Efromovich from controlling the cash-strapped airline.