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, ...

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