Avianca Holdings (NYSE:AVH) skyrocketed 30.7% in today’s trade after United Airlines (NASDAQ:UAL) removed top shareholder German Efromovich from controlling the cash-strapped Colombian airline.

UAL took legal action in Bogota on a defaulted $456M loan it made to Efromovich as part of a proposed joint venture; his majority stake in AVH was collateral for the loan.

But UAL’s contract with its pilots restricts the company from majority ownership in another carrier, so UAL is ceding voting rights to Kingsland Holdings, AVH’s second largest shareholder.

UAL says it is willing to loan up to $150M to AVH.