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Judge Approves Varig Sale

Law360 (June 20, 2006, 12:00 AM EDT) -- A Brazilian judge is allowing a consortium of employees to buy bankrupt airline Varig for $449 million, but skeptics wonder if the group can come up with the $75 million cash in 72 hours, as required.

Judge Robert Ayoub approved the offer by NV Particpacoes Monday, saying the consortium had given the necessary guarantees. But if the $75 million isn’t paid, the auction will be declared null and void.

The group’s offer at an auction earlier this month was far below the $860 million asking price....
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