Avianca says judge OKs sale to Brazil's Sinergy
A New York bankruptcy judge has approved a restructuring plan for Colombian airline Avianca based on its sale to Brazilian company Sinergy, the airline said on Tuesday.
Sinergy, which is controlled by magnate German Efromovich and wants Avianca to complement its Brazilian regional carrier, Ocean Air, has offered to make a $64 million cash injection into the Colombian airline and assume debt of about $300 million.
Under the proposal, unveiled in March, Colombian conglomerate Valores Bavaria will hand over its 50-percent stake to Sinergy and Colombia's Coffee Growers' Federation will reduce its 50 percent share to 25 percent.
(From Reuters, November 16, 2004)
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