Is The End Near For Varig? | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-05.06.24

Airborne-NextGen-05.07.24

Airborne-Unlimited-05.08.24 Airborne-FlightTraining-05.09.24

Airborne-Unlimited-05.10.24

Thu, Jun 22, 2006

Is The End Near For Varig?

Not If It Can Raise $75 Million By... Now

The good news for Brazil's Varig Airlines is that a bankruptcy judge has approved its purchase by the company's employees and two foreign investors. The bad news... those buyers have until Friday to come up with $75 million.

In the meantime, Brazil's national airport authority says the financially-troubled company will have to pay landing fees every day -- in cash. That could make a bad situation worse -- as Varig had to cancel 67 of its 180 flights on Tuesday. More cancellations could follow.

According to the BBC, the group of employees and investors has agreed to pay a total of $449 million for Varig. That $75 million is just the downpayment.

The group is now asking the National Development Bank of Brazil for a loan to get it through Friday.

There doesn't seem to be a lot of confidence that loan will come through, however... as already, Brazilian civil aviation authorities are meeting to divvy up Varig's routes among its competitors.

FMI: www.varig.com

Advertisement

More News

Airborne-Flight Training 05.09.24: ERAU at AIAA, LIFT Diamond Buy, Epic A&P

Also: Vertical Flight Society, NBAA Maintenance Conference, GA Honored, AMT Scholarship For the first time, students from Embry-Riddle’s Daytona Beach, Florida, campus took t>[...]

ANN's Daily Aero-Term (05.07.24): Hazardous Weather Information

Hazardous Weather Information Summary of significant meteorological information (SIGMET/WS), convective significant meteorological information (convective SIGMET/WST), urgent pilot>[...]

Aero-News: Quote of the Day (05.07.24)

"The need for innovation at speed and scale is greater than ever. The X-62A VISTA is a crucial platform in our efforts to develop, test and integrate AI, as well as to establish AI>[...]

NTSB Final Report: Cessna 150

(FAA) Inspector Observed That Both Fuel Tanks Were Intact And That Only A Minimal Amount Of Fuel Remained In Each Analysis: According to the pilot, approximately 8 miles from the d>[...]

Aero-News: Quote of the Day (05.08.24)

“Pyka’s Pelican Cargo is unlike any other UAS solution on the market for contested logistics. We assessed a number of leading capabilities and concluded that the Pelica>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC