Delta Air Lines Inc. and United Continental Holdings Inc. are weighing bids for Avianca Holdings SA, a Latin American airline exploring strategic options including a full or partial sale, according to people familiar with the matter.

Avianca has recently begun working with a financial adviser to raise about $500 million in a process that could lead to an outright sale, said one of the people, who asked not to be identified because the matter isn’t public.

The Wall Street Journal first reported the talks.

Avianca, which owns Colombia’s largest airline, said in May it would cut aircraft deliveries from Airbus Group SE by $1.4 billion during the next 30 months as part of an effort to reduce indebtedness. The airline’s American depositary receipts surged 33 percent to $6.90 in late trading Thursday after the market closed.

–With assistance from Michael Sasso and Christine Jenkins 

©2016 Bloomberg L.P.

This article was written by Matthew Monks from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: Coach-class seating on an Avianca Dreamliner. The airline is seeking outside investment or a possible purchaser. Avianca