Court Orders Brazil's Varig To Give Back Planes | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne/NBAA2014 10.24.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.24.14 **
** Airborne/NBAA2014 10.22.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.22.14 **
** Airborne/NBAA2014 10.21.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.21.14 **
** Airborne/NBAA2014 10.20.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.20.14 **

Tue, Jun 13, 2006

Court Orders Brazil's Varig To Give Back Planes

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.

FMI: www.varig.com

Advertisement

More News

Airborne 10.24.14: AML's Innovations, NASA Preps For Mars, LightHawk Saves

Also: AW609 Pilots Honored, Airbus' VIP Cabin, FreeFlight's FTX-200, Quicksilver S-LSA Milestone During our visit this week to NBAA 2014, Jim Campbell had a chance to talk with Mar>[...]

Airborne at NBAA-10.22.14: Legacy 500, Universal InSight, BendixKing AeroWave

Also: GE Honda, Sagem's Active SideStick, Syberjet Update, Techno Aerospace Knows How to Party The FAA handed over certification papers for Embraer's Legacy 500 executive jet durin>[...]

Airborne 10.24.14: AML's Innovations, NASA Preps For Mars, LightHawk Saves

Also: AW609 Pilots Honored, Airbus' VIP Cabin, FreeFlight's FTX-200, Quicksilver S-LSA Milestone During our visit this week to NBAA 2014, Jim Campbell had a chance to talk with Mar>[...]

AD: Pacific Aerospace Limited Airplanes

AD NUMBER: 2014-21-02 PRODUCT: Pacific Aerospace Limited Model FU24-954 and FU24A-954 airplanes.>[...]

ANN's Daily Aero-Linx (10.25.14)

The Canard Zone An online forum by and for owners and builders of canard aircraft.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC