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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.

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.

Last week United Airlines (NASDAQ: UAL) moved to remove longtime chairman and controlling shareholder Germán Efromovich from Avianca’s  (NYSE: AVH) (BVC: PFAVH), board of directors. Adding insult to injury, United installed Roberto Kriete as the board’s new chairman. All this...

Avianca's filing calls Roberto Kriete of Kingsland a “disloyal director who has worked actively to undermine the company’s strategic goals.”

Though adding a strategic partner could be a positive development, Fitch Ratings views Avianca's liquidity as low.

Offers are due by November 9, and a majority share may reportedly be on the table.

"The sale process has started" for a one-fifth holding in the Brazilian airline.