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.
Also: AUVSI XPO17 LIVE!, Steady Drone Sales, Drone v Shotgun... DJI’s new Phantom 4 Advanced offers a more powerful camera and more upgraded controls. The new upgrades the or>[...]
Also: State Pavilions at XPONENTIAL, MQ-8C Fire Scout, Puma UAS, Drone Bust Drones DO wind up in some of the most amazing places... As evidence by the Universities of Bristol and C>[...]
Also: Drone Power, Jerkwater Drone Regs, CBP, Wichita UAS Mtg, Cessna Accident, Co-Pilot SNAFU, Atlas Air-Polar Air Gulfstream’s super mid-size G280 recently completed two mi>[...]
Some Aggressive Upgrades For ANN, Aero-TV, and Airborne May Require New Digs It's been in development for years, but we're getting to a point where we think we can pull off somethi>[...]
"We understand that the hearing will be 8 days before the Planes of Fame Air Show and we want to assure you that your overwhelming support throughout this situation has strengthene>[...]