Wed, Jul 19, 2006
Faces Dissolution As Buyout Fails
Varig, Brazil's once stately
flagship carrier, faces dissolution Wednesday... after creditors
rejected an offer to buy the troubled airline for a half-billion
That decision Monday night led to a near-panic on the Brazilian
stock market Tuesday -- as Varig investors rushed to dump their
shares. The activity was so intense that the exchange suspended
Those shares will now be sold at auction... with the opening bid
50-percent lower than at the close on Monday.
The only buy-out offer was tendered by Variglog, which was once
the cargo wing of the troubled airline before it was sold off
earlier this year.
But what killed the deal? While the Associated Press reports
employees -- both current and retired -- favored the buyout... it
was opposed by aicraft leasing companies.
Varig was once the prince of the Brazilian skies, and the
country's biggest airline. Today... it has just 13 planes. Much of
the fleet is grounded... it's unable to pay for fuel and landing
fees... and those leasing companies now want their aircraft
Varig assets are set to go on the block Wednesday.
Retired AOPA President Still Understands What An Association Must Do To Serve An Embattled Industry Originally WebCast October 18, 2012: Its been nearly four years since Phil Boyer>[...]
AD NUMBER: 2014-07-10 PRODUCT: Ballonbau Wörner GmbH Models NL-280/STU, NL-380/STU, NL-510/STU, NL-640/STU, NL-840/STU, and NL-1000/STU balloons.>[...]
Planning Ahead And Staying Safe Saves A Professional Airshow Pilot Dan Marcotte describes himself on his website as being determined and driven with a sense of vision. His adventur>[...]
Send Them A Story -- We Don't Mind! Do you need another set of eyes to see that story you can't believe Jim just wrote? Want to spread Hognose's unique wisdom and perspective to th>[...]
AD NUMBER: 2014-07-08 PRODUCT: Centrair Model 101, 101A, 101AP, and 101P gliders.>[...]