United Airlines looks to overhaul Avianca management

United Airlines is planning to extend a loan to cash strapped airline Avianca Holdings. The extension plan comes after it was announced that United is looking to overhaul management at Colombia’s Avianca following former CEO Hernan Rincon’s resignation in April. United has said the shake-up proposal follows a default by Germán Efromovich’s holding company BRW Aviation, a subsidiary of Synergy Aerospace, which owns 78.1% of Avianca’s common stock, on a $456 million loan it made six months ago. Following this, as a guarantee, the executive offered 51.5% of Avianca’s shares. However, since it can not take control of other airlines because of an