Avianca rejects Efromovich’s bid for OceanAir

Media reports have emerged that state Avianca Holdings has rejected a proposal this month from Chairman German Efromovich to purchase Colombian airline OceanAir Linhas Aereas (known as Avianca Brasil under a licensing agreement), which is owned by Efromovich and his brother in Brazil. Avianca turned down an option to buy the airline in 2010, and is still owed cash for aircraft leases and working capital it provided while the option was pending.