U.S. carriers United and Delta are among the airlines mulling a bid for Avianca Holdings SA, according to a report in the Wall Street Journal.

Avianca Holdings is the parent company of the eponymous Colombian carrier Avianca, which is that nation's largest. It's also the parent of the Central American carrier Taca and Ecuador's AeroGal.

According to the WSJ, Avianca has distributed a document to potential bidders and is soliciting a $500 million capital infusion. The paper cited only "people familiar with the matter;" the sources also said that the potential capital injection could develop into a sale of the airline group.

An investment or purchase in Avianca would bolster the Latin American network of United or Delta, both of whom have smaller networks in the region than their competitor American. American already benefits from a partnership with LATAM Group, the largest airline company in South America, and has applied with regulators to elevate that partnership to an antitrust immunized joint venture agreement.

United and Delta have both made recent investments in Latin American carriers. Last year United purchased 5% of the Brazilian carrier Azul.

Delta owns less than 5% of Aeromexico and is vying for DOT approval to increase that share to 49%.

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