October 26, 2021

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Efromovic will return to Avianca but he doesn't have any financial strength

Efromovic will return to Avianca but he doesn’t have any financial strength

You don’t know what will happen to the airline

RR | Bogotá | September 23, 2021

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Related topics: related to birdsAnd AviancaAnd German EfromovichAnd Synergy GroupAnd United Airlines

German Efromović, the former chairman of Avianca’s board, has returned to Colombia after being acquitted of the charges in the judicial process he was handling in Brazil and declaring that although he wanted to return to Avianca, he did not have the financial strength.

Efromović pointed to the fact that he does not know what will happen to Avianca in terms of the reorganization, but leaves out the possibility that if any group acquires it, it will have its experience after being removed from bankruptcy several years ago. “I don’t know what will happen to Avianca, and I have very little inside information,” Efromovic said.

The Sinergy Group’s shares in Avianca have been pledged as security for the $1.45 billion United Airlines loan. He commented that these shares would be worth zero pesos when the reorganization plan was approved.

He said he had no plans to enter the airline market for now, after a failed bid to buy Alitalia. Similarly, it was reported that Avian Lineas Aereas, which operates Avianca in Argentina, could start operating again shortly after the agreement with creditors.

As mentioned REPORTUR.com.arAvian Lineas Aereas has reached a payment agreement with the majority of its creditors. (Avian has agreed with creditors and will have a plan to work again.)

The company submitted the principle by agreement, awaiting approval by a judge and receiver over the next few days so he can take off again. According to El Cronista, the company has reached an agreement on approximately 70% of the outstanding capital.

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