Tue, Jun 13, 2006
As Many As 10 Airliners To Be Returned
It's not looking good for Varig, the
Brazilian airline that has seen its fortunes go from bad to worse
in the past month.
After an unsuccessful auction
failed to attract a buyer for the troubled airline in May, the New
York Supreme Court has ordered Varig to turn over a number of its
planes to various plaintiffs, including Boeing.
Reuters reports the court injunction calls for Varig -- which
declared bankruptcy in 2005 -- to stop operating those planes
Monday, and return them to the plantiffs by June 16. The injunction
also called for Varig's non-operating aircraft to be returned to
owners by July 1.
That means the storied carrier, founded in 1927, will have to
return as many as 10 planes to Boeing.
Meanwhile, a Brazilian judge is currently debating whether to
authorize the sale of the airline. Judge Luiz Roberto Ayoub was to
rule on the matter Friday, but postponed his decision after
receiving a last-minute bid from the Multilong Corporation, which
offered $800 million for Varig.
The first round of bidding failed to produce an offer that met
the court's minimum price of $860 million... but the second auction
process doesn't have a minimum bid requirement, which may mean
Varig will continue to fly after all. Stay tuned.
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