German Efromovich, the ousted chairman of Avianca, is eyeing a comeback via Italy. Efromovich wants to buy a stake in bankrupt Alitalia. "We wrote a letter to Ferrovie dello Stato and the adviser Mediobanca 2 weeks ago saying we can purchase up to 30% of Alitalia," said Efromovich. "We want to join the company’s management and I’d like to be the CE, at least at the start." A 30% stake in Alitalia would require at least E240m (US$273m). Italian railways operator Ferrovie dello Stato Italiane is leading talks for a possible rescue of Alitalia, which is under special administration. Earlier this month, the Italian govt extended the deadline for binding bids to July 15 after potential partners dropped out of the discussions. Efromovich said he has the money needed for the investment and wouldn’t have to borrow. <br/>
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Garuda Indonesia was ordered by the country's Financial Services Authority (OJK) to restate its 2018 financial statement, after questions were raised over the way it booked future revenue from an inflight Wi-Fi and entertainment deal as an operating item. The OJK says Garuda will have to submit a restated financial report within 14 days, as it was not compliant with the Indonesian accounting standards. Three separate fines, worth US$7,080 each, was imposed on Garuda, the company's directors, and its commissioner members, for violating stipulated standards on annual reports. A 1-year suspension was also imposed Garuda's auditor, and it was given 3 months to "improve the quality control and procedures" of its audit reports. Garuda says it will study the authority's decision. <br/>
Air France is to exchange 6 Boeing 787s it has on order for Airbus A350s set to be delivered to KLM, as part of a fleet optimisation drive. The carrier says it will swap the 6 787s – with deliveries scheduled in the 2021-23 timeframe – for 7 A350s its Dutch sister carrier has on order. This, Air France foresees, will allow the two airlines to "realise fleet efficiencies through harmonisation and accelerated growth of similar aircraft at both airlines". Options for "further fleet development" at Air France within the wider group are currently "under study" in consultancy with all stakeholders, notes the French carrier. Air France has 9 Boeing 787-9s in service, and a 10th scheduled to arrive in May 2020. The airline will receive its first A350-900 in Sept 2019. It already had a further 20 on firm order. <br/>