We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Rumors Fly In Sale Of Struggling Airline

Law360 (June 14, 2006, 12:00 AM EDT) -- As a Brazilian judge considers the sale of a bankrupt airline, rumors of bailouts and other interested investors swirled more quickly than a jet engine.

A group of pilots and flight attendants, NV Participacoes, bid $449 million for Varig at a bankruptcy auction for the airline last week—well below the $860 million minimum.

Brazilian Bankruptcy Judge Luiz Roberto Ayoub has since demanded that the employee group come up with $346 million in cash for him to accept the bid.

But Wednesday, a series of contradictory news...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.