SHAREHOLDER PROFILE: Efromovich brothers double down on Avianca as shipyards struggle

19 June 2018
 
Document(s)
 
Germán and José Efromovich control Colombia-based Avianca Holdings. José controls OceanAir Linhas Aéreas (Avianca Brasil). Other businesses, mostly held via Synergy Group Corp and Fundación HJDK, includes shipyards, aircraft leasing and maintenance, transportation, oil and gas production, hotels, palm oil and pharmaceuticals. Synergy borrowed heavily to invest in Brazil’s shipyard industry, which has largely collapsed. Its Avianca stake is pledged as collateral for loans to its private companies. Shipyard EISA filed for bankruptcy in 2015. Its main creditor, Elliott Management, has
long backed Efromovich companies.  
 
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