Brazilian Airline's Sale Up In The Air

Law360, New York (June 13, 2006, 12:00 AM EDT) -- A Brazilian judge has demanded that the group that won an auction for Varig last week come up with $346 million in cash, leaving the sale of the struggling Brazilian airline in jeopardy.

If the employee consortium fails to produce the money, the company will likely be liquidated, Varig's lawyer said in court papers filed this week in U.S. Bankruptcy Court for the Southern District of New York.

A group of pilots and flight attendants, NV Participacoes, bid $449 million at a bankruptcy auction for the...
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