(WSJ) Avianca Holdings SA (PFAVH.BO) on Thursday filed for an initial public offering of American depositary shares for up to $100 million as the owner of Avianca, one of Latin America’s biggest airlines, looks to finance improvements to its fleet.

Some shareholders in the company, including major holders Synergy Aerospace Corp. and Kingsland Holding Ltd., will sell stock in the offering. The proceeds from the shareholders’ sale will not go to the company.

Synergy Aerospace is the investment vehicle of Bolivian-born German Efromovich, who controls Avianca and acts as its chairman. He bought a controlling stake in the company in 2004, when it was in bankruptcy.

The offering comes as Avianca is expanding throughout Latin America, including new direct flights to places such as Cancun and San Juan.

Avianca is already listed on the Bogota stock exchange under the symbol “PFAVH.” It applied to have its ADSs listed on the New York Stock Exchange under the symbol “AVH.”