Company Watch - Varig.For more company news, data and analysis, please go to: http://www.airguideonline.com/professional.htm Aug 7, 2006 Brazil's Varig, which was sold last month to avoid bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most , should expand its fleet to 45 aircraft by year-end from 12 now, a representative of the airline's new owner said on Thursday. Marco Antonio Audi, one of the partners in Volo do Brasil group, said Varig would get five additional planes next week, hiring 120 people per aircraft. Volo do Brasil paid 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 million for Brazil's former flagship carrier last month. Volo, together with US investment fund MatlinPatterson, already controlled Varig's former cargo unit VarigLog. Last Friday, Varig laid off 5,500 employees out of 9,485 in Brazil, which left it with 3,985 workers. Aug 4, 2006 Varig's Audi said on Thursday that Varig's new operating structure managed by Volo currently only employs 1,700 people. He did not rule out abandoning the concept of an all-Boeing fleet, saying the company was analyzing the possible lease of Airbus and Embraer jets. He did not say where the five planes next week would come from. Varig will shift to a financial leasing model with the purchase of aircraft at the end of the lease, from their previous model of only leasing. Audi said Varig would focus its operations initially on Brazil's main cities and, internationally, on the Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Caracas and Frankfurt routes. Later on, Varig should renew flights to London and Milan, he said. Aug 4, 2006 VarigLog parent Volo do Brasil's acquisition of the troubled carrier hit another snag late Monday when a Brazilian court ruled that a $75 million cash payment originally intended to pay debts and keep Varig running during the transition instead must be used to pay employees, the Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. reported. In addition, TAM notified Brazilian authorities it would no longer honor As a verb, to accept a bill of exchange, or to pay a note, check, or accepted bill, at maturity. To pay or to accept and pay, or, where a credit so engages, to purchase or discount a draft complying with the terms of the draft. Varig tickets on international flights. Varig reportedly owes TAM $1.5 million. Aug 3, 2006 Varig confirmed it intends to lay off approximately 5,500 of 9,500 Brazilian employees. "Today we begin one of the most important phases of the project of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). Varig, promoting the balancing of the company's staff with current operational necessities," 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. Marcelo Bottini said in a statement to employees cited by Reuters. Aug 1, 2006 |
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