Is The End Near For Varig? | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

 Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-05.06.24

Airborne-NextGen-05.07.24

 Airborne-Unlimited-05.08.24 Airborne-FlightTraining-05.09.24

Airborne-Unlimited-05.10.24

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

Advertisement

More News

ANN's Daily Aero-Term (05.10.24): Takeoff Roll

Takeoff Roll The process whereby an aircraft is aligned with the runway centerline and the aircraft is moving with the intent to take off. For helicopters, this pertains to the act>[...]

Aero-News: Quote of the Day (05.10.24)

“We’re proud of the hard work that went into receiving this validation, and it will be a welcome relief to our customers in the European Union. We couldn’t be mor>[...]

Airborne 05.06.24: Gone West-Dick Rutan, ICON BK Update, SpaceX EVA Suit

Also: 1800th E-Jet, Uncle Sam Sues For Landing Gear, Embraer Ag Plane, Textron Parts A friend of the family reported that Lt. Col. (Ret.) Richard Glenn Rutan flew west on Friday, M>[...]

Airborne 05.03.24: Advanced Powerplant Solutions, PRA Runway Woes, Drone Racing

Also: Virgin Galactic, B-29 Doc to Allentown, Erickson Fire-Fighters Bought, FAA Reauthorization After dealing with a big letdown after the unexpected decision by Skyreach to disco>[...]

Aero-News: Quote of the Day (05.11.24)

"Aircraft Spruce is pleased to announce the acquisition of the parts distribution operations of Wag-Aero. Wag-Aero was founded in the 1960’s by Dick and Bobbie Wagner in the >[...]

blog comments powered by Disqus



Change Display

Headlines Only | Headlines w/ Teasers | View Everything

Advertisement

Top Videos

Airborne 05.10.24: Icon Auction, Drunk MedEvac Pilot, Bell ALFA

Airborne-Flight Training 05.09.24: ERAU at AIAA, LIFT Diamond Buy, Epic A&P

Airborne 05.08.24: Denali Update, Dad-Daughter Gyro, Lake SAIB

See All

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC