TR763 From Brazil, joined Mar 2001, 775 posts, RR: 15 Posted (8 years 6 days ago) and read 2011 times:
According to "Folha de São Paulo", one of the most important newspaper of Brazil, VASP's creditors approved the airline recovery plan.
Infraero, which is VP's biggest creditor accepted to receive the amount of R$340 million (around US$717 mi) in ten years.
BR Distribuidora (fuel supplier), another big creditor of VP, is to receive R$112 million (US$ 236 mi) as a result of an agreement in which the airline would give up a lawsuit it has moved against the supplier, making it's debt reduce from R$ 278 million to the amount above.
The other creditors have the option to take Infraero's or BR way in order to receive the credits, or change them into FIPs (Fundos de Investimento e Participação - or Investment and Participation Funds) and take actives from the airline, such as properties or credits that VP has with the Brazilian government.
Now, VASP, which has the total debt of R$ 5 billion (aprox. US$ 10.5 bi), will see a future similar to RG. It will be divided in two, one operational - it's intended to fly again in the beginning of 2007 - and the other will administrate the actives and the liabilities.
Wagner Canhedo will continue to be the major shareholder, but there are rumors saying that he wants to sell his "steak" of the airline.
In my point of view, VP to start flying in the beginning of next year is very optimistic. But let's hope they do well and go back to the air.
None information was given about what a/c they'll use.
I had the opportunity to go to VP´s base in CGH, and in a talk with a person from the airline, it was said that they would try to get an all new fleet (this doesn´t mean brand new aircraft). 737-700 is their goal.
Even because, I doubt that they have any 737 in conditions to fly. The Airbusses are all depredated ( <- is this word correct?), no way that they can fly again.
As I said, I think they´re a little bit too optimistic!!
Once again sorry for my stupidity of putting all the currency wrong!! I feel really embarrassed for that!!!!