Varig representatives said yesterday at a hearing in New York that a second, unidentified investor offered $450 million in cash for the airline, a figure higher than the bid offered last week by a group of employees that included just $125 million in cash, Bloomberg News reported. The employees' bid was approved in principle yesterday by a Rio de Janeiro bankruptcy court judge (ATWOnline, June 13), who asked the group to double its cash commitment before he issues a final ruling today. A ...

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