German Efromovich, the Brazilian entrepreneur who owns 75% of Avianca, has agreed to buy the remaining 25% from Colombian coffee growers for $23 million. But a dispute has erupted with the former owners of ACES, which is in liquidation, over most of the sale proceeds. ACES seeks to recover $19 million based on the alleged mishandling of its equity when it merged with Avianca into the Summa alliance.
Source: Airline Business