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-04.29.24

Airborne-NextGen-04.30.24

Airborne-Unlimited-05.01.24 Airborne-AffordableFlyers--05.02.24

Airborne-Unlimited-05.03.24

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-Linx (05.02.24)

Aero Linx: Model Aeronautical Association of Australia MAAA clubs are about fun flying, camaraderie and community. For over 75 years, the MAAA has been Australia’s largest fl>[...]

ANN's Daily Aero-Term (05.02.24): Touchdown Zone Lighting

Touchdown Zone Lighting Two rows of transverse light bars located symmetrically about the runway centerline normally at 100 foot intervals. The basic system extends 3,000 feet alon>[...]

Aero-News: Quote of the Day (05.02.24)

“Discovery and innovation are central to our mission at Virgin Galactic. We’re excited to build on our successful record of facilitating scientific experiments in subor>[...]

ANN FAQ: Contributing To Aero-TV

How To Get A Story On Aero-TV News/Feature Programming How do I submit a story idea or lead to Aero-TV? If you would like to submit a story idea or lead, please contact Jim Campbel>[...]

NTSB Final Report: Cirrus Design Corp SR20

Student Pilot Reported That During Rotation, “All Of A Sudden The Back Of The Plane Kicked To The Right..." Analysis: The student pilot reported that during rotation, “>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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