=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SFGate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2004/06/01/f= inancial2014EDT0346.DTL --------------------------------------------------------------------- Tuesday, June 1, 2004 (AP) Colombian carrier Avianca picks bid by Brazil's Sinergy over Continental (06-01) 17:14 PDT BOGOTA, Colombia (AP) -- Colombia's troubled airline Avianca announced Tuesday that it had picked Brazilian conglomerate Grupo Sinergy to take over the company instead of a rival group led by U.S. carrier Continental Airlines. Avianca, which filed for bankruptcy protection in March 2003 in New York, said in a statement that Sinergy's offer "adequately complies with the necessary requirements for the company to emerge from Chapter 11 in a satisfactory way." The carrier said it had rejected a separate bid by Houston-based Continental and partner Copa Airlines of Panama because it was "subject to numerous conditions." In March, Sinergy offered to buy a 75 percent stake in Avianca in exchan= ge for a $64 million cash injection and the assumption of about $300 million of the airline's debt. A month later, Continental chief executive Gordon Bethune made a counter-bid, though details on it were never released. Avianca said it will now present a financial restructuring plan to the bankruptcy court based on Sinergy's offer. Avianca, which flies to the United States, Europe, Central and South America, plus domestically, has suffered from declining passenger numbers and high fuel costs. ---------------------------------------------------------------------- Copyright 2004 AP