Avianca: Efromovich maniobra to recover control

The majority shareholder of Avianca Holding, Germán Efromovich, pleaded not guilty on Friday in a high-profile corruption investigation in Brazil and announced that he is willing to invest in the airline in the financial restructuring process under Chapter 11 of the State Bankruptcy Law. United (Avianca owner arrested in Brazil for corruption).

Germán Efromovich and his brother José were arrested on Wednesday as part of a new phase of the Lava Jato corruption investigation in Brazil that mentions the alleged payment of bribes to secure a shipbuilding contract with Transpetro, a logistics unit of the state-owned Brazilian company. oil company, according to a source close to the case.

“The documents speak for themselves and this has to fall due to gravity, under its own weight,” said Efromovich, who said that he continues to seek to regain control of Avianca’s board of directors and who acknowledged that the airline, which was welcomed in May to Chapter 11 of the Bankruptcy Law of the United States, you need capital investment to get out of the crisis.

“Avianca is going to need investors and we applied for the Chapter 11 process through Avianca’s lawyers in New York with a group of investors who are willing to invest with me, so that we can return to Avianca and leave it as strong as I left it, “said the businessman without revealing details of how much he would invest.

Efromovich, 70, according to infobae, lost control of Avianca Holdings in May 2019 after breaching a coverage agreement for a loan of 456 million dollars to the United States United Airlines, which in turn handed over the administration of the flagship airline of Colombia to the minority partner Kingsland (Efromovich: Colombian state could not be Avianca shareholder).

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