Airline Finance News - Latin America / Caribbean.For more airline finance news, data and analysis, please go to: http://www.airguideonline.com/professional.htm Jul 24, 2006 Varig Varig Sold For USD USD In currencies, this is the abbreviation for the U.S. Dollar. 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. $24 Mln, Averting a·vert tr.v. a·vert·ed, a·vert·ing, a·verts 1. To turn away: avert one's eyes. 2. Collapse. Brazilian airline Varig, once Latin America's largest carrier, was sold at auction on Thursday to a local investment fund for USD$24 million, saving it from collapse for now. Jul 21, 2006 Varig Varig was granted one more lifeline by a Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r 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. , which is putting the airline up for sale a third time at an auction scheduled today. Creditors rejected VarigLog's offer on Monday, and an initial bid from an employee-led consortium collapsed when it was unable to make a cash down payment. Judge Luiz Roberto Ayoub told reporters that while a majority of Varig's creditors voted against VarigLog's bid, creditors holding a majority of the airline's assets supported it, according to according toprep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Reuters. VarigLog reportedly will make another offer at auction. Jul 20, 2006 Varig Varig faces liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy as creditors reject VarigLog. After initially postponing a meeting at which they planned to review a $500 million bid from freight and logistics company VarigLog due to reported changes in the offer, Varig creditors late Monday decided to reject the bid, forcing the Sao Paulo stock exchange Sao Paulo Stock Exchange See: Bolsa de Valores de Sao Paulo to suspend trading in Varig stock briefly after a rush to sell, according to press reports, and leaving Brazil's flag carrier on the cusp of liquidation. Jul 19, 2006 Varig Varig creditors meeting, scheduled for yesterday to evaluate VarigLog's bid for the bankrupt airline, was postponed after the freight and logistics company altered its offer, Bloomberg News reported. Jul 18, 2006 Varig Varig Grounds Planes As It Awaits Auction. Brazil's troubled airline Varig grounded 86 of 139 flights scheduled for Tuesday as it awaited a new auction now set for Thursday to sell the carrier and avert a potential collapse. Jul 18, 2006 VarigLog, Varig VarigLog buys Varig at auction for $24 million, agrees to invest $600 million. Varig may not be well, but it is alive; three days after its bid was rejected by the airline's creditors, freight and logistics company VarigLog, the former Varig subsidiary purchased this year by a consortium led by Volo do Brasil, was the sole and winning bidder at a public auction. Jul 21, 2006 |
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