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

After struggling to find a buyer or investor, Colombian low-cost airline Ultra Air suspended operations just 30 days after competitor Viva was abruptly grounded. Ultra had recently admitted struggles but sought to reassure passengers that it would carry on. Less than a year ago,...

Finance Colombia has reached out to Ultra Air multiple times for comment but has received no response.

Bloomberg is reporting an Aerocivil approval based on leaked information, but both airlines say they know nothing.

The merger of Jetsmart and Ultra could fill the void in the Colombian market left by Viva's collapse.

Viva last night suspended aviation operations, saying that the low cost carrier has run out of resources and options while waiting on a decision by Colombian government regulators.

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

Arajet is one of the upstart low cost airlines disrupting the Colombian passenger aviation market, but their ambitions go far beyond South America.

The merger has yet to be approved by regulators and is opposed by some competing airline operators.

'The BPRO event will encapsulate the strength of Colombia's outsourcing sector, I cannot wait to take part.' said Peter Ryan