Rumors Fly In Sale Of Struggling Airline

Law360, New York (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...
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