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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

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