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Varig Restructuring Bid Hits The Tarmac

Law360 (July 18, 2006, 12:00 AM EDT) -- Brazilian airline Varig has little hope for survival after creditors rejected the bankrupt airline’s restructuring plan and a $490 million buyout offer late Monday.

The move will most likely lead to an auction or liquidation of the airline’s remaining assets, signaling the end of what was once the largest airline in Brazil.

An offer by the former cargo division of Varig to buy its former parent had won the approval of a Brazilian court last week, but the deal also required the approval of creditors. If...
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