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

“The United transaction diverts the vast majority of the consideration United is paying for a partnership with Avianca...to Efromovich’s financially shaky affiliates," alleges the Kingsland lawsuit.

Details of an alliance between Avianca and United Airlines "are yet to be negotiated," but the Star Alliance carriers are working to formalize a long-term deal.