Varig Back On The Ropes | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne On ANN

ADR 02.20.17

Airborne 02.20.17

Airborne 02.21.17

Airborne 02.15.17

Airborne 02.16.17

Airborne 02.17.17

Airborne-HD On YouTube

ADR 02.20.17

Airborne 02.20.17

Airborne 02.21.17

Airborne 02.15.17

Airborne 02.16.17

Airborne 02.17.17

Wed, Jul 19, 2006

Varig Back On The Ropes

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 dollars.

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 trading.

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 back.

Varig assets are set to go on the block Wednesday.

FMI: www.varig.com

Advertisement

More News

AMA Drone Report 02.20.17: DJI & AMA Team Up, MultiGP, Drone Advisory Committee

Also: Another Dumb FL Drone Law, AMA Expo East!, Spaceport America Drone Summit DJI and AMA have launched a joint program to promote safe and responsible drone operations, train pu>[...]

Airborne 02.20.17: B787-10 Rollout, MultiGP Drone Racing, NIMBYs v Montauk

Also: Wright Prop, Full Stop!, Airbus Sued, Ellen Ochoa, Wright Trophy, New Embraer CEO, Bel Air AW189s The Boeing 787-10 Dreamliner, the third member of the 787 Dreamliner family,>[...]

Airborne 02.20.17: B787-10 Rollout, MultiGP Drone Racing, NIMBYs v Montauk

Also: Wright Prop, Full Stop!, Airbus Sued, Ellen Ochoa, Wright Trophy, New Embraer CEO, Bel Air AW189s The Boeing 787-10 Dreamliner, the third member of the 787 Dreamliner family,>[...]

AMA Drone Report 02.20.17: DJI & AMA Team Up, MultiGP, Drone Advisory Committee

Also: Another Dumb FL Drone Law, AMA Expo East!, Spaceport America Drone Summit DJI and AMA have launched a joint program to promote safe and responsible drone operations, train pu>[...]

AD: The Boeing Company Airplanes

AD NUMBER: 2017-02-09 PRODUCT: Certain Boeing Model 747-400, -400D, and -400F series airplanes.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC