josé efromovich
There is nothing to rectify,” he wrote. ch-aviation GmbH
Former President Alvaro Uribe, who granted Efromovich Colombian citizenship in 2005, was among his biggest fans. But it’s an option it could exercise at any point. His life is spent shuttling between São Paulo and Bogotá. And low-cost carriers are adding competition. His shipyards have shut down. Meanwhile, Efromovich moved ahead with expansion plans for Avianca, forming a joint venture with United and Panama’s Copa Holdings in which the three airlines would coordinate routes and schedules. Have a confidential tip for our reporters? “There is still one year before the bonds come due and a lot can happen until then,” he wrote in a report. He is CEO of the Brazilian airline Avianca Brazil and has a seat in the supervisory board of the AviancaTaca Holding company. The notes due next May now trade at about 88 cents on the dollar, pushing the yield to 23%, according to Trace bond trading data. In addition to the bonds due next year, Avianca owes roughly $800 million to European export credit agencies, quasi-government financial institutions that secure funding for exporters, among other debts, according to executives. The Efromovich brothers grew up in Brazil, with family origins in Bolivia and Poland.
But to say Avianca’s problems are all the fault of Efromovich is not entirely fair.”. By last year, Avianca’s 190 aircraft were carrying 30 million passengers, second only to Latam Airlines in the region. It has been buffeted by surging fuel prices this year along with weaker Latin American currencies and less demand for air travel amid slowdowns in the region’s biggest economies. It’s quite a turnaround from 2004, when Efromovich was lauded across Colombia for rescuing the world’s second-oldest airline. The multinational he heads with his brother has capital invested in companies in the aeronautical, energy, oil, and shipping sectors in several Latin American countries. This article is only available for ch-aviation PRO subscribers. Chief Executive Officer Hernan Rincon quit in April. “The current problems are in good part due to Avianca, a business that has had bad numbers in recent quarters,” said Carlos Enrique Rodriguez, an analyst at Bogota brokerage Ultraserfinco who recommends selling the shares. His brother is Germán Efromovich, the owner of AviancaTaca. Photographer: Nicolo Filippo Rosso/Bloomberg. “We were a great company and the management of it recently has been very bad for our operations, our reputation.”. It downgraded the debt rating further into junk territory, the CCC+ level, citing “higher refinancing risk” due to BRW’s breach. “Everything is aligned with United as per the loan agreement. Avianca was a failing airline with 37 outdated planes when German Efromovich purchased it out of bankruptcy in 2004. The possibility of a change in control has forced Avianca executives to seek to amend agreements to list United as a potential controlling shareholder. Before it's here, it's on the Bloomberg Terminal. That was partly because Avianca’s share price plummeted, causing its market capitalization to dip to $510 million by the end of 2018.
“Corporate governance has been questioned and that has affected the stock price.
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