Varig paid $56 million owed to aircraft leasing companies last Thursday, eliminating the threat that 40 of its aircraft--around 70% of its fleet--would be repossessed. The carrier, which has been operating under Brazilian bankruptcy protection since last June, also announced that it completed the sale, announced in December, of two subsidiaries for $72 million. A portion of the proceeds from the sales was used to pay off the lessors. VEM-Varig Engineering & Maintenance went to Aero-LB, ...

Subscribe to Access this Entire Article

"Varig completes sale of VEM, VarigLog, pays off aircraft lessors" is part of ATW Plus, our online premium membership. Subscribing will provide you access to exclusive news, carefully researched airline financial, fleet and traffic data, plus the option to receive our popular, award-winning print magazine. To learn more, click here. If viewing via ATW Mobile, please login and click "Read web article" to view fully. Questions? ATWPlus@penton.com.