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Volo do Brasil pays Varig to keep airline going.

AIRLINE INDUSTRY INFORMATION-(C)1997-2006 M2 COMMUNICATIONS LTD

The press office of Volo do Brasil yesterday (26 June) said that the company had paid the airline Varig enough money to keep it running.

The fate of the airline is to be decided by Brazilian bankruptcy Judge Luiz Roberto Ayoub, who is reportedly considering a bid from Volo de Brasil of USD500m for the airline.

Consideration of the bid started when the planned sale to the worker's group TGV fell through as the group failed to make the first payment. According to The Associated Press, Volo do Brasil has paid Varig an undisclosed sum, enough to keep the airline running with reduced routes until a decision has been made. Ayoub is expected to make a decision tomorrow (28 June).

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Publication:Airline Industry Information
Article Type:Brief article
Geographic Code:3BRAZ
Date:Jun 27, 2006
Words:140
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