Avianca´s Board of Directors Chooses Synergy´s Buyout Proposal

The board of directors of Colombian airline Avianca has just picked the offer made by Brazilian group Synergy -owned by impresario German Efromovich- to buy out the company, local news outlets informed today.

"The proposal made by Synergy/Ocean Air adequately complies will all necessary requirements to help the company step out of Chapter 11. After thorough sessions conducted by the Board of Directors in the light of established assessment criteria, the offer proved to be convenient for the company and for all the parties involved," the group stated in a press release.

Avianca´s front office discarded the offer made by Copa-Continental for being "disengaged and riddled with too many conditions." The air carrier will leave open the Chapter 11 possibility as construed in the U.S. Bankruptcy Act in order to allow other companies to make new offers, local radio station Caracol reported this week.

Synergy Group´s proposal will now be put on the floor before Avianca´s Board of Shareholders. In case an agreement is reached, Judge Alan Gropper, from the New York City Bankruptcy Court, will have the final say in the lawsuit.