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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 proposed new holding company will be domiciled in the UK but still needs regulatory approval from several governments.

The airline has significantly restructured its business model, reducing frequent flyer benefits, reducing passenger services, and removing luxury perks from its planes.

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.

Before joining Avianca as CFO, Neuhauser was managing director covering Latin American airlines for Credit Suisse and worked as an investment banker for Deutsche Bank, Bank of America, and Merril Lynch.

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.

Avianca has asked for a bailout by the Colombian government. Colombians are pointing out that the airline is majority foreign owned, and legally Panamanian, not Colombian.