pgengler
2006-07-20, 04:07 PM
From BBC News (http://news.bbc.co.uk/2/hi/business/5199288.stm):
Troubled Brazilian airline Varig has been sold at auction to an investment group for $24m (£13m).
Volo de Brasil was the sole bidder for the national carrier which has been running under bankruptcy protection.
Volo, which already controls Varig's cargo business VarigLog, is expected to split the business but keep most of the routes and planes.
An earlier sale to an employee group collapsed because the consortium missed a payment deadline.
Volo will not inherit Varig's debt of about $3.1bn - but will have to commit to a series of payments.
Troubled Brazilian airline Varig has been sold at auction to an investment group for $24m (£13m).
Volo de Brasil was the sole bidder for the national carrier which has been running under bankruptcy protection.
Volo, which already controls Varig's cargo business VarigLog, is expected to split the business but keep most of the routes and planes.
An earlier sale to an employee group collapsed because the consortium missed a payment deadline.
Volo will not inherit Varig's debt of about $3.1bn - but will have to commit to a series of payments.