After losing Avianca, Bolivia’s Efromovich eyes Italy’s Alitalia

Bloomberg

German Efromovich, the ousted chairman of Bolivian airline Avianca, is eyeing a comeback via Italy.
Efromovich wants to buy a stake in the bankrupt Italian flag-carrier Alitalia SpA, financial daily Il Sole 24 Ore reported, citing an interview.
“We wrote a letter to Ferrovie dello Stato and the adviser Mediobanca two weeks ago saying we can purchase up to 30 percent of Alitalia,” said Efromovich, who was removed as the chairman of Avianca Holdings SA after a loan breach. “We want to join the company’s management and I’d like to be the chief executive officer, at least at the start.”
A 30 percent stake in Alitalia would require at least 240 million euros ($273 million), according to the newspaper.
Italian railways operator Ferrovie dello Stato Italiane SpA is leading talks for a possible rescue of Alitalia, which is under special administration. The Italian government extended the deadline for binding bids to July 15 after potential partners such as EasyJet Plc dropped out of the discussions.
Efromovich, who has signed a non-disclosure agreement with Alitalia’s advisers, said he has the money needed for the investment and wouldn’t have to borrow. The Bolivian businessman still owns 78 percent of Avianca’s voting rights and 52 percent of the carrier’s capital, Il Sole 24 Ore said.
In May, United Continental Holdings said that it took legal action in Bogota to dismiss Efromovich from Avianca’s board for defaulting on a $456 million loan.