Colombia's Avianca Holdings SA said on Monday it is experiencing 'repu...
FILE PHOTO: A customer walks past Avianca airline check-in machines at Congonhas airport in Sao Paulo, Brazil, April 12, 2019. REUTERS/Nacho Doce
Both Aviancas belong to the same family-owned business group, led by brothers German and Jose Efromovich, but are maintained as separate companies. Bogota-based Avianca Holdings is the larger, better-known airline and licenses its brand for free to two smaller airlines owned by the Efromovich brothers, one in Brazil and one in Argentina.
Avianca Holdings and Avianca Brasil had been planning a merger but it was abruptly canceled when the Brazilian airline filed for bankruptcy in December, crippled by high fuel and leasing payments. Avianca Brasil’s bankruptcy also has meant that Avianca Holdings will need to absorb four planes it had subleased to its sister airline, according to the securities filing. Avianca Holdings said it was looking into incorporating the planes to its fleet or selling them.
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