A large shareholder of Avianca Holdings S.A. has sued to block a partnership with United Airlines Inc., alleging that the Colombian air carrier’s controlling shareholder, German Efromovich, secretly negotiated the deal for his own benefit.
Kingsland Holdings, Avianca’s second-largest shareholder, detailed an “egregiously one-sided” $800 million loan and strategic partnership with the Chicago-based carrier in a complaint filed this week in Manhattan Supreme Court.
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