Brazilian bankruptcy court last week postponed both a new auction for Varig scheduled for July 12 and a meeting of creditors that was to consider a $500 million bid from VarigLog, the Associated Press reported. Judge Luiz Robert Ayoub apparently reversed his own decision of July 3 when he said VarigLog's bid was ready for review and that higher bids would be accepted at the new auction (ATWOnline, July 3).

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