United Airlines shakes up Avianca management after shareholder default By –

0
4


#stocksupdate #globalstocks #globalstocksupdate #stocksnews

© -. FILE PHOTO: A United Airlines airplane with the Continental Airlines emblem on its tail, taxis to the runway at O’Hare International airport in Chicago

(-) – United Airlines mentioned on Friday it had began a administration overhaul at Colombia’s Avianca Holdings, eradicating prime shareholder German Efromovich from controlling the cash-strapped airline.

The transfer follows a default by Efromovich’s holding firm BRW Aviation on a $456 million mortgage United had made as a part of a proposed three-way partnership with Avianca and Panama’s Copa.

United, a part of United Continental Holdings Inc, is searching for a deeper foothold in Latin America, which is taken into account ripe for air journey development.

United’s mortgage was backed by Efromovich’s 51.5% stake in Avianca. However, the U.S. airline’s contract with its pilots restricts the corporate from majority possession in one other provider. As a consequence, United is ceding voting rights to Kingsland Holdings, the Colombian provider’s second-largest shareholder.

In a regulatory submitting on Friday, United additionally mentioned it was prepared to mortgage Avianca as much as $150 million if wanted and requested, topic to circumstances.

Disclaimer: FX Forex Trading wish to remind you that the info contained on this web site isn’t essentially real-time nor correct. All CFDs (shares, indexes, futures) and Forex costs usually are not offered by exchanges however slightly by market makers, and so costs might not be correct and should differ from the precise market worth, which means costs are indicative and never applicable for buying and selling functions. Therefore FX Forex Trading doesn`t bear any duty for any buying and selling losses you would possibly incur because of utilizing this information.

FX Forex Trading or anybody concerned with FX Forex Trading won’t settle for any legal responsibility for loss or injury because of reliance on the data together with information, quotes, charts and purchase/promote alerts contained inside this web site. Please be absolutely knowledgeable concerning the dangers and prices related to buying and selling the monetary markets, it is among the riskiest funding kinds doable.



Source hyperlink

What You Think About This Topic? Leave Your COmment