Wimpycol From Netherlands, joined Aug 2001, 484 posts, RR: 4 Posted (10 years 4 months 3 weeks 4 days 3 hours ago) and read 3373 times:
Hello / Hallo and holas,
Just a small note, I think it already had been discussed before but.... I'm a bit tyred for a search (and just finished reading the other Colombian topics on A.net over the last week)...I just arrived from TUNISIA, great 1 week vacation, nice flight with the Dutch LCC Transavia, bumpy landing back at @ AMS, great planespotting in Monastir (Tunisia) and also dangerous (...those policeman in Tunis, at the airports, are real dogs... jajaja... in Colombia they're more friendly.. trust me!!!)
AV pilots approved a plan of the Arabic sheik and AV now will draw up a letter of intent and they will be present it in the week of October 25h to the New York court.
But the words of Padilla surprised me..... "If we don't get this approved," Padilla said last week, referring to the deal with the "sheik," then "I think that Avianca's options are very limited because we will never allow the company to end up in the hands of Mr. Efromovich."
So what will happen with AV? if the judge doesn't aprove the SHEIK's deal??? Beside Sinergy.. there no more bids?!?
Still hopeing the best for AV!
BOGOTA, Colombia, Oct 10 (Reuters) -
Pilots at Colombian airline Avianca approved a plan over the weekend to buy the company along with an unnamed Arab investor in an attempt to prevent an officially approved purchase offer from a Brazilian magnate.
Colombia's pilot union ACDAC met with representatives of the unnamed investor in Dallas, Texas, on Saturday. They approved a possible bid of $120 million to $130 million for the airline, which is emerging from bankruptcy, ACDAC president Alberto Padilla told Reuters in a late Saturday interview from Dallas.
"On Monday, we will go to New York to work with the lawyers and draw up a letter of intent," he said.
The plan would give the pilots 51 percent of shares and the Arab investor - whom Padilla describes only as "the sheik" - the other 49 percent.
Avianca is currently held 50-50 by Colombian conglomerate Valores Bavaria (VBS.CN) and the country's Coffee Growers' Federation.
The airline said in August it could get out of bankruptcy by mid-October after winning approval from its creditors for a restructuring plan based on its sale to Brazil's Sinergy.
But the pilots are determined to stop Sinergy's offer, which they say does not guarantee the airline's future.
Sinergy, which is controlled by businessman German Efromovich, wants Avianca to complement its Brazilian regional carrier, Ocean Air. Efromovich's company has offered to make a $64 million cash injection into Avianca and assume its debt of about $300 million.
"If we don't get this approved," Padilla said last week, referring to the deal with the "sheik," then "I think that Avianca's options are very limited because we will never allow the company to end up in the hands of Mr. Efromovich." http://www.reuters.com
Colombia... can't wait to be there again!!!!!!!!!!
AV757 From Colombia, joined Apr 2004, 662 posts, RR: 6
Reply 1, posted (10 years 4 months 3 weeks 4 days 1 hour ago) and read 3314 times:
I dont know if any body is really interested in reading the business plan for the restructuring of AV presented to judge Allen Gropper´s court in New York, but if any of you want to read the 190 pages of it in spanish; you will find it at the following link.
If you bother to read through all this, you will understand why ACDAC or Colombian Airline Pilots Association and CAXDAC its member pension plan provider are not at all happy with the AV plan presented by the Colombian Coffee Growers Federation and the Sinergy group offer.
"If we don't get this approved," Padilla said last week, referring to the deal with the "sheik," then "I think that Avianca's options are very limited because we will never allow the company to end up in the hands of Mr. Efromovich."
LX23 From United Kingdom, joined Aug 2004, 347 posts, RR: 2
Reply 2, posted (10 years 4 months 3 weeks 3 days ago) and read 3239 times:
As I said in the other thread (and switched to this one), $64 million really isn't much... I may be overly pessimistic, but it wouldn't surprise me if Sinergy's offer is the same type of deal as LB got when they were taken over by VP.