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Infraero Losing Patience As Varig Stock Rises  
User currently offlineAntiuser From Italy, joined May 2004, 657 posts, RR: 1
Posted (10 years 1 month 1 day 21 hours ago) and read 2367 times:

Brazilian newspaper O Globo reports that the president of Infraero (the Brazilian Airport Administration Authority), Jose Carlos Pereira, said that Infraero has done all it could to help RG, but as the airline's debt with the airport administrator is reaching R$ 515 mil (approx. US$ 245 mil) and increasing by R$900,000 each day, they can't wait any longer. This news comes right after RG's stocks rose over 12% with the announcement of a new buyout offer, by Brazilian investment consultant Jaime Toscano. Toscano has reportedly offered R$ 1.9 billion for RG, but the offer has been met with some skepticism, as Toscano hasn't revealed the origin of his financial resources.

Looks like RG might get a bit more breathing room, but I'm not sure of anything anymore...

Azzurri Campioni del Mondo!
3 replies: All unread, jump to last
User currently offlineJJMNGR From Brazil, joined May 2004, 1018 posts, RR: 14
Reply 1, posted (10 years 1 month 1 day 20 hours ago) and read 2315 times:

Justice is going to determine the execution of R$133 million against VARIG to pay debit with INFRAERO. Where the money is going to come from nobody knows...

User currently offlinePdpsol From United States of America, joined Feb 2004, 1161 posts, RR: 5
Reply 2, posted (10 years 1 month 1 day 16 hours ago) and read 2246 times:

The endless RG 'tele-novela' is just baffling. RG is in bankruptcy; I mean, are the creditors in charge or NOT??!!!

Why haven't INFRAERO, Petrobras, GE, lessors and rest of the endless parade of RG's creditors formed a CREDITORS' COMMITTEE to develop a reorganization plan for ONCE and FOR ALL??!! The reorganization plan can be approved [or rejected] by the federal bankruptcy court and the RG case can be closed...

What is going on? Why is the FRB still exercising corporate governance?

Why isn't the bankruptcy trust responsible for RG's governance executing the DRASTIC restructuring required to allow a return to operational cashflows? The federal bankruptcy judge should be ripping apart all of RG's labor contracts and laying-off thousands of employees, not sitting on his hands doing nothing.

One thing is for sure: if the RG case is reflective of the entire system, then the Brazilian bankruptcy code is a complete failure...

[Edited 2006-04-26 06:55:00]

User currently offlineDannieFly From United States of America, joined Apr 2006, 4 posts, RR: 0
Reply 3, posted (10 years 1 month 2 hours ago) and read 2095 times:

Does anyone know if VARIG really has a court date in New York this week? Who might be present?

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