Man who saved second-oldest airline drives it back to the brink

Avianca was a failing airline with 37 outdated planes when German Efromovich purchased it out of bankruptcy in 2004. Over 15 years the he built it into a regional powerhouse as Latin America’s second-largest carrier. But for all its success, the company is now back on a rocky foundation. Its stock price is down by almost 75% since it went public in 2011 and its bonds are trading in distressed territory amid concerns it will struggle to refinance debt. Avianca’s Q1 loss was the biggest since 2015. The man most responsible for the mess is the same who so recently was treated as a hero -- Efromovich. The self-made millionaire imperilled the airline’s future by last year offering up his 51.5% stake in Avianca as collateral on a loan from United Continental. His holding company BRW Aviation quickly breached terms of the contract. <br/>