United Airlines takes over controls of the cockpit at Avianca

United Airlines launched a management overhaul at Colombia’s Avianca Holdings on Friday, removing top shareholder German Efromovich from controlling the cash-strapped airline.

United, which is proposing a three-way joint business agreement with Avianca and Panama’s Copa, said the move follows a default by Efromovich’s holding company BRW Aviation on a $456 million loan it made six months ago, Reuters reports.