Varig Employees Bid For Failed Airline

Law360, New York (June 8, 2006, 12:00 AM EDT) -- The sale of Brazilian airline Varig is still up in the air, after an airline employees consortium came up over $400 million short in its bid for the bankrupt airline.

Employees of one of the largest airlines in Latin America and Brazil bid $449 million— well below the $860 million minimum—for the company at a bankruptcy auction Thursday.

The judge overseeing Varig’s bankruptcy has 24 hours to decide whether to approve the sale of the company for nearly half the asking price. The employees group, Participacoes,...
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