LAN Airlines Announces Financing To VRG LINHAS AEREAS S.A.SANTIAGO, Chile Santiago, officially Santiago de Chile (Spanish: (helpinfo)), is the capital of Chile, and the center of its largest conurbation (Greater Santiago). -- LAN Airlines S.A. and its related companies, ("LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. " or "the Company") (NYSE NYSE See: New York Stock Exchange :LFL LFL Lower Flammable Limit LFL Lutherans for Life LFL Lingerie Football League LFL Like for Like (comparison of sales) LFL Libertarians for Life LFL Lucasfilm Limited LFL Lot for Lot LFL Looking for Love / IPSA IPSA International Political Science Association IPSA International Political Science Abstracts IPSA International Professional Security Association (UK) IPSA International Professional Security Association : LAN), one of the leading airline groups in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , announced today that it has provided a total of approximately US$ 17.1 million in financing to Brazilian company VRG VRG Varig (Viacao Aerea Rio-Grandense, Brazil, ICAO code) VRG Vegetarian Resource Group VRG Ventral Respiratory Group VRG Vaccinia-Rabies Glycoprotein (gene) VRG Vision Research Group VRG Vortex Ring Gun LINHAS AEREAS S.A. ("New Varig"). These loans may be converted into shares of New Varig and if LAN were to exercise its option to convert the loans into stock, the Company would then have a minority stake in New Varig. New Varig is a Brazilian airline company formed for the purpose of acquiring part of the assets of airline Varig S.A. during the latter's bankruptcy procedures. New Varig is currently operating in accordance with its technical and operational certification ("CHETA") which is granted by the Brazilian National Aviation Authority. LAN in currently involved in ongoing negotiations with New Varig's shareholders in order to potentially exercise its option to participate in such company through the capitalization of its loans. About LAN LAN Airlines is one of the leading airlines in Latin America. "LAN" makes reference to the consolidated entity that includes LAN Airlines, LAN Express, LAN Peru, LAN Ecuador, and LAN Argentina, as well as LAN Cargo and its affiliates. Through its own operations and code-share arrangements, the LAN Alliance serves 15 destinations in Chile, eleven destinations in Peru, nine destinations in Argentina, two in Ecuador, 30 destinations in other Latin American countries, 25 in North America, 13 destinations in Europe, four in the South Pacific and one in Asia. Currently, the LAN Alliance operates 70 passenger aircraft and 10 dedicated freighters. LAN Airlines is a member of oneworld (TM), the world's leading global airline alliance. It has bilateral commercial agreements with oneworld partners American Airlines, British Airways, Iberia and Qantas, as well as with Alaska Airlines, AeroMexico, Mexicana, and TAM. For more information visit www.lan.com or www.oneworldalliance.com. |
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