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

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 02.19.18

Airborne-UnManned 02.20.18

Airborne 02.21.18

AMA Drone Report 02.22.18

Airborne 02.23.18

Airborne-YouTube

Airborne 02.19.18

Airborne-UnManned 02.20.18

Airborne 02.21.18

AMA Drone Report 02.22.18

Airborne 02.23.18

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 02.22.18: AMA Expo!, Raleigh Update, UAV v Helo... or Not?

Also: AMA Active In Counseling Gov'ts, Intel Drone Light Show, Drone Park Planned, ALPA Attacks Unmanned Don’t forget... The annual AMA Expo East starts at the Meadowlands Ex>[...]

Airborne 02.23.18: Textron Nixes TTx, GAMA $Billing$, Bronco II

Also: Airliner Evacuation, Tuskegee Airman Event, Sikorsky Combat Rescue Helicopter, FreeFlight Txp Integration Textron Aviation has apparently ended production of the Cessna TTx a>[...]

Airborne-Unmanned 02.20.18: USMC InstantEye, Raleigh Reconsiders, Battle Drones

Also: Fortem DroneHunter, Solar-Powered Rover, Drone Mkt Worth $48.88B, MQ-25 Partnerships InstantEye Robotics has received a substantial order from PMA-263, the Navy and Marine Co>[...]

Aero-News: Quote of the Day (02.25.18)

“Increased thrust requirements for the RS-25 are just one of the many changes in the SLS rocket’s performance that will facilitate our nation’s deep space explora>[...]

ANN FAQ: The Airborne Unlimited Partnership Initiative

New Products And Programs From The Leader In Aviation News Online The Airborne Partnership Initiative, we call it the API, is a plan developed by ANN CEO and Editor-In-Chief, Jim C>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2018 Web Development & Design by Pauli Systems, LC