Varig may not be well, but it is alive; three days after its bid was rejected by the airline's creditors, freight and logistics company VarigLog, the former Varig subsidiary purchased this year by a consortium led by Volo do Brasil, was the sole and winning bidder at a public auction. It paid BRL52.4 million ($23.9 million), according to press reports, and will split Varig into two companies, one operational and one that will handle facilities and the carrier's $3 billion debt. Volo will not ...

Subscribe to Access this Entire Article

"VarigLog buys Varig at auction for $24 million, agrees to invest $600 million" 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.