EddieDude From Mexico, joined Nov 2003, 7561 posts, RR: 43
Reply 5, posted (8 years 1 month 2 weeks 4 days 22 hours ago) and read 4545 times:
Whoa! Terrible news. I think it will be very hard for NV Participacoes to double its offer and to make and advance payment tomorrow as required by the court. I also think it is very likely that lessors will try to repossess as soon as they confirm that the requirements of the court have not been met.
Baron95 From United States of America, joined May 2006, 1335 posts, RR: 8
Reply 6, posted (8 years 1 month 2 weeks 4 days 20 hours ago) and read 4396 times:
Actually TGV has until Wednesday at noon (Rio time) to change its cash offer from US$125M to US$250M, with the additional US$125M being made up of cash and/or holding debt from the existing company. They also have to prove to the judge that they can immediatelly pump in US$75M in cash into the "new airline".
I think the New York judge likely will stay the repossession of the aircraft in New York until Thursday.
Either way, Varig is dead. Even if the deal goes through, TGV will run it into the ground within days.
Ghost77 From Mexico, joined Mar 2000, 5217 posts, RR: 51
Reply 9, posted (8 years 1 month 2 weeks 4 days 5 hours ago) and read 3864 times:
Quoting Latinplane (Reply 4): Actually, at this point it seems most likely that Varig will shut down by tomorrow. The Lessors are moving in to seize 25 planes in the airline's fleet unless they are paid by tomorrow.
Its coming! 25 planes is a big number for its fleet! I've heard over here at MExicana that AWAS is acting fast in order to get all their frames back.
Ricardo Morales - flyAPM - ¡No es que maneje rapido, solo estoy volando lento!
DETA737 From Portugal, joined Oct 2000, 612 posts, RR: 0
Reply 10, posted (8 years 1 month 2 weeks 4 days 5 hours ago) and read 3851 times:
The New York judge has given Varig another week before their planes can be taken back. However if the company does not pay ILFC $3.6 million before 17:00 today, than their planes can be taken apparently. So the saga continues... I only found this news in Portuguese so far, the link is below.
Latinplane From United States of America, joined Dec 1999, 2713 posts, RR: 14
Reply 12, posted (8 years 1 month 2 weeks 4 days 5 hours ago) and read 3831 times:
It seems that at this point, the lessors will not be able to seize their aircraft, as the judge handling RG bankruptcy case in the U.S. has given a week of extension for the airline to make its payments.
At the same time a new investor has appeared on the scene willing to invest $450 and ready to invest $75 in cash that would allow the airline to continue operating.
Ghost77 From Mexico, joined Mar 2000, 5217 posts, RR: 51
Reply 13, posted (8 years 1 month 2 weeks 3 days 20 hours ago) and read 3636 times:
Any recent news respect ILFC aircraft repossession? What happen to the 17.00 limit hour for today? On a side note, judge has extended Boeing's and GE's request of taking away over 30 aircraft from RG to June 21st 06.
Both are just trying to negotiate some planes for their fleet (Gol is looking for the 2 73G and 2 738 from RG to fly South America routes, Tam as per rumors and news from Brazilian Press is trying to negotiate some 777s!!!)
Quoting Ghost77 (Reply 9): Its coming! 25 planes is a big number for its fleet! I've heard over here at MExicana that AWAS is acting fast in order to get all their frames back.
But Varig is cancelling flights to LAX, JFK and MIA just to avoid loose the planes.
Quoting Ghost77 (Reply 13): Any recent news respect ILFC aircraft repossession? What happen to the 17.00 limit hour for today? On a side note, judge has extended Boeing's and GE's request of taking away over 30 aircraft from RG to June 21st 06.
Varig has a deadline yesterday to pay US$ 3,6 mm to ILFC. Seems that a new group is interested in buy RG with US$ 400 mm cash.
Yesterday RG cancelled 11 flights in Brazil: 5 shuttle services, CGH-CNF, GRU-NAT, GRU-CWB, among others.
Very sad situation,
Felipe @ HAM
New York + Rio de Janeiro = One of the best combinations !
LatinAviation From United States of America, joined Nov 2003, 1276 posts, RR: 15
Reply 21, posted (8 years 1 month 2 weeks 3 days 6 hours ago) and read 3233 times:
Wasn't the judge supposed to rule on NV's ability to purchase Varig today? They have to prove they have the cash to proceed, plus inject $75MM within 3 days to Varig. I believe the $75MM is earmarked for lease payments in arrears.
Also, does anyone know who gets stuck with the $3bn debt load? There are conflicting reports if NV takes the debt or not. Logically, if NV plans to raise debt in order to fund its purchase of Varig, I would assume no, because there will be no appetite to float them more (and unsecured) debt.
Antiuser From Italy, joined May 2004, 657 posts, RR: 1
Reply 24, posted (8 years 1 month 2 weeks 3 days 5 hours ago) and read 3142 times:
Quoting LipeGIG (Reply 14): Tam as per rumors and news from Brazilian Press is trying to negotiate some 777s!!
Wow. That's very surprising, especially when it comes to TAM. They're notoriously conservative with fleet and route expansion... I guess the 777s would be temporary though, until more A330s and the A350s come? If RG does go down, there'll be some unemployed 777 pilots looking for new jobs anyway...
Azzurri Campioni del Mondo!
: That sounds right. Maybe JJ has requested Airbus to find some 772ER's for them until they can deliver new frames.
: LatinAviation, the bankruptcy court is overseeing the sale of RG's operational ASSETS, not the sale of the RG corporate entity, with all associated f
: Thanks for the clarification, this is very helpful.
: Another Sad day for the Airline industry.... Reminds me of Braniff and Eastern, Pan Am.......
: I just came from dropping my son off at Garulhos, taking American tonight. Few Varig planes and the ones I saw were only 737s. Several of those were d
: TAP, Air Canada, Brookfield May Make Offer for Varig June 14 (Bloomberg) -- TAP SGPS SA, Portugal's state-owned airline, Air Canada, the country's big
: Yessss! I went to Berlim, now i'm in Rome (going back to Germany tomorrow but before i will spent a day in London). Sunday i wish to be at MUC for th
: I'm routing for the TAP/AC takeover of Varig. But the article seems to focus more on TAP as opposed to AC. I would like to know what AC's vested inter
: I had lunch with a very close friend that works for TP and he guarantees me that Mr. Pinto arrived SAO this week in order to study the possibility to