Varig's financial troubles left all but 25 of the company's 61 jets inactive, local media said. Some 20 planes are grounded to comply with U.S. court orders following lawsuits from leasing companies seeking the return of aircraft after Varig missed repeated lease payments. Another 16 other planes were reportedly grounded due to maintenance issues.
But Varig's new owners TGV, a consortium lead by airline workers trying to take over the airline, were struggling to raise cash to pay the first deposit of $75 million for the airline they purchased at a bankruptcy auction on June 8.
If TGV does not make the deposit by Friday, the auction will be declared void, a Brazilian bankruptcy court judge has said.
The company also was struggling to pay fuel bills and the government's airport administration said it would start demanding Varig pay airport fees in cash daily on Friday.
http://www.airportbusiness.com/article/ ... =1&id=6924
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