Varig was granted one more lifeline by a Rio de Janeiro bankruptcy court, which is putting the airline up for sale a third time at an auction scheduled today. Creditors rejected VarigLog's offer on Monday (ATWOnline, July 19), and an initial bid from an employee-led consortium collapsed when it was unable to make a cash down payment. Judge Luiz Roberto Ayoub told reporters that while a majority of Varig's creditors voted against VarigLog's bid, creditors holding a majority of the airline's ...

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