Airline Finance News - Latin America / Caribbean.For more airline finance news, data and analysis, please go to: http://www.airguideonline.com/professional.htm Jun 19, 2006 Copa Airlines Copa Airlines flew 309.5 million RPMs in May, a 31.3% rise over the year-ago month. Capacity increased 22.6% to 418.4 million ASMs and load factor jumped 4.9 points to 74%. Jun 14, 2006 Copa Holdings Copa Holdings, parent of Copa Airlines and AeroRepublica, filed a registration statement yesterday with the US Securities and Exchange Commission for the sale of 6.6 million nonvoting shares held by Continental Airlines, which would hold a 12.3% stake in Copa following the sale or 10% if the overallotment is exercised. Copa said it will not receive any of the proceeds. Jun 16, 2006 Gol Gol flew 1.17 billion RPKs in May, a 55.9% rise over the year-ago month. Capacity increased 53.8% to 1.6 billion ASKs, lifting load factor 1 point to 73%. Jun 16, 2006 Varig In Brazil, rumors grew earlier this week that three additional groups had interest in bidding for Varig. Some of those appeared confirmed yesterday, as Bloomberg reported that TAP Portugal TAP Portugal (former known as Transportes Aéreos Portugueses - Portuguese Air Transportations) is the national airline of Portugal, based in Lisbon and a member of the Star Alliance. and Air Canada, two of Varig's Star Alliance partners, might enter the fray along with Brookfield Asset Management  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. TAP CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Fernando Pinto pinto Spotted horse, also called paint, piebald, skewbald, and other terms to describe variations in colour and markings. The American Indian ponies of the western U.S. were often pintos. Most pure-breed associations refuse to register horses with pinto colouring. , who was in Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r . Investment groups Syn Logistica and Fontidec also have bid for Varig, Bloomberg said. Brazilian aviation authorities have a contingency plan A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. in place in case the airline stops flying, including orchestrating the return of thousands of Brazilians who traveled to Germany for the World Cup. Jun 16, 2006 Varig Varig and the group of employees and unidentified investors who bid for the carrier, NV Participacoes, were granted another extension by Rio de Janeiro bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. Judge Luiz Roberto Ayoub, who had given the group until Wednesday to make a case for its BRL BRL In currencies, this is the abbreviation for the Brazilian Real. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.01 billion ($439 million) bid. The court now will reconsider the bid next week, giving it time to examine documents NVP NVP Network Voice Protocol NVP Nausea and Vomiting of Pregnancy NVP Name-Value Pair NVP National Vice President NVP Nominal Velocity of Propagation NVP N-Version Programming (multiple functionally equivalent program versions) delivered just half an hour before the Wednesday deadline and the opportunity to consider other offers. NVP proposed to pay BRL285 million cash, BRL225 million on workers' credit and BRL $500 million on debentures and future profits. Jun 16, 2006 Varig Varig representatives said yesterday at a hearing in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of that a second, unidentified investor offered $450 million in cash for the airline, a figure higher than the bid offered last week by a group of employees that included just $125 million in cash, Bloomberg News reported. The employees' bid was approved in principle yesterday by a Rio de Janeiro bankruptcy court judge, who asked the group to double its cash commitment before he issues a final ruling today. A Varig attorney called the potential new bidder a "Brazilian airline industry investor," Bloomberg said. Meanwhile, Varig's request for an extension to an injunction blocking the seizure of approximately 30 leased aircraft was granted in New York, giving the airline until June 21, Reuters reported. Jun 14, 2006 Varig Varig alive for now as employee bid approved in principle. A Brazilian bankruptcy court judge granted Varig a glimmer of hope yesterday, approving an employee group's BRL1.01 billion ($445.5 million) offer for the beleaguered be·lea·guer tr.v. be·lea·guered, be·lea·guer·ing, be·lea·guers 1. To harass; beset: We are beleaguered by problems. 2. To surround with troops; besiege. airline with certain conditions.NV Participacoes (TGV TGV: see railroad. ), composed of pilots and flight attendants, presented the only bid at last week's auction, one that fell well below the minimum. TGV offered $125 million in cash and intends to pay off the remainder with the debentures and claims against the carrier for unpaid wages and other benefits. The bid is backed by four unidentified investors, Bloomberg News reported, but Ayoub told the group yesterday that additional investors would be allowed. TGV reportedly wanted to finance some of the purchase with future profit-sharing, but Ayoub disallowed that part of the proposal. If he approves the deal, TGV will have three days to make a $75 million cash payment. Varig said in filing to the US Bankruptcy Court in New York submitted prior to the Rio ruling that TGV would have to increase its cash offer to $346 million to satisfy the Brazilian court, according to Bloomberg. Varig also asked the New York court to extend an injunction, set to expire today, protecting its aircraft from seizure. Jun 13, 2006 Varig Brazilian bankruptcy court postponed its Friday decision on whether to allow a group of Varig employees, NV Participacoes, to buy the bankrupt airline for a bid that came in at about half the $860 million minimum at last week's auction. The judge opted to delay his ruling until today in order to learn more about the bid, according to a court statement cited by press reports. Unions not involved in the bid have asked the government to take over the airline but the Brazilian Defense Minister said that will not happen, Bloomberg News reported. Jun 12, 2006 |
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