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Varig taps TAP as debt restructuring partner

Varig and its controlling shareholder the Rubem Berta Foundation have chosen TAP Portugal as its partner in a debt-restructuring process aimed at saving it from liquidation, the Brazilian airline said yesterday. TAP's proposal was chosen over six other offers. The plan includes an initial $62 million in financing to pay off debts owed to overseas leasing companies, avoiding the repossession of 20-40 aircraft. In a second phase, TAP would help Varig with a $500 million recapitalization effort.

 

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As a subscriber to one of Aviation Week Network’s market briefings, your searches only provide you with access to articles from within that product.

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As a subscriber to one of Aviation Week Network’s market briefings, your searches only provide you with access to articles from within that product.

To find out about obtaining additional data – including the most comprehensive details on organizations, fleets, personnel and programs – click here or call +1.561.279.4661.