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Judge sets new date for Varig auction.


The new auction date for Brazil's Varig airline has been set by Judge Luiz Roberto Ayoub.

Ayoub reportedly said that the new auction, which is to be held on 12 July, is subject to creditor approval of a USD500m offer made by Volo do Brasil, an investment group that has acquired Varig's cargo unit VarigLog.

The Associated Press reported that if the creditors approve of the offer at a meeting set for 10 July, the auction will go ahead.

Brazilian law requires that the sale has to be in the form of a public auction even if there is only one interested party.

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Comment:Judge sets new date for Varig auction.
Publication:Airline Industry Information
Article Type:Brief article
Geographic Code:3BRAZ
Date:Jul 4, 2006
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