Varig Presents Swap Plan To Creditors

Law360, New York (January 19, 2006, 12:00 AM EST) -- The largest airline in Latin America, which has been operating under bankruptcy protection since last year, will present its creditors with a plan to swap credits for holdings in a fund that will assume control over the troubled company.

Brazilian airline Viacao Aerea Rio-Grandense SA sought Chapter 11 bankruptcy protection last June. A spokesperson for the company said acceptance of the proposal is essential in order for the struggling airline to lift itself out of its $3 billion debt.

The presentation was supposed to occur in...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.