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"There are no miracles...When someone sells a plane ticket cheaper than a bus ticket, the client must know this company may not last."

Efromovich taking control of Ultra would put him in the position of competing against his old airline, Avianca.

The battle for control of Viva goes far beyond Avianca, Jetsmart & Latam. Here are some of the key players

A Viva acquisition by a strong competitor like Latam could be disastrous for Avianca.

The brothers were arrested in São Paulo on charges related to fraud in the contracts between the Transpetro subsidiary of Petrobras and the Efromovich brothers’ Estaleiro Ilha S.A. (EISA) shipyard in Brazil.

Removing business class from short haul commuter flights is not a big deal by itself, but what is Avianca’s strategy? What does the airline want to be?

The investment, said to be $70 million USD of convertible credit, brings the airline into proximity with both bankrupt Colombian carrier Avianca and Mexican carrier Volaris.

Avianca says it has raised $2 billion of DIP financing, including new loans and refinancing of existing notes, despite the blockage of a $370 million USD bailout loan from the Colombian government.

Former Avianca chairman Germán Efromovich along with his brother José have been arrested in Brazil on charges of bribery and corruption as part of the Lava Jato investigation.

Bancolombia, Colombia's largest bank has issued a report panning Avianca proposed DIP financing plan from the point of view of current shareholders, and indicated that it would no longer be covering the bankrupt airline.