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 ...

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