VarigLog, the former cargo and logistics subsidiary of Varig, raised its offer to buy the struggling Brazilian airline to $400 million Friday, according to a VarigLog statement cited in press reports. It had offered $350 million two weeks ago (ATWOnline, April 5). Reports from Brazil indicated the carrier is canceling flights, running out of cash and at risk of shutting down. Varig said in a statement that the buyout proposal requires approval of its board.
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