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Is This The Preview Of A Future LanBrazil Carrier?  
User currently offlinePlaneGuy27 From United States of America, joined Jan 2004, 314 posts, RR: 0
Posted (7 years 10 months 3 weeks 5 days 23 hours ago) and read 2606 times:

Makes sense....

Press Release Source: LAN Airlines S.A.

LAN Airlines Announces Financing To VRG LINHAS AEREAS S.A.
Wednesday January 31, 10:49 am ET


SANTIAGO, Chile--(BUSINESS WIRE)--LAN Airlines S.A. and its related companies, ("LAN" or "the Company") (NYSE:LFL / IPSA: LAN), one of the leading airline groups in Latin America, announced today that it has provided a total of approximately US$ 17.1 million in financing to Brazilian company VRG LINHAS AEREAS S.A. ("New Varig"). These loans may be converted into shares of New Varig and if LAN were to exercise its option to convert the loans into stock, the Company would then have a minority stake in New Varig.
New Varig is a Brazilian airline company formed for the purpose of acquiring part of the assets of airline Varig S.A. during the latter's bankruptcy procedures. New Varig is currently operating in accordance with its technical and operational certification ("CHETA") which is granted by the Brazilian National Aviation Authority.

LAN in currently involved in ongoing negotiations with New Varig's shareholders in order to potentially exercise its option to participate in such company through the capitalization of its loans.

About LAN

LAN Airlines is one of the leading airlines in Latin America. "LAN" makes reference to the consolidated entity that includes LAN Airlines, LAN Express, LAN Peru, LAN Ecuador, and LAN Argentina, as well as LAN Cargo and its affiliates. Through its own operations and code-share arrangements, the LAN Alliance serves 15 destinations in Chile, eleven destinations in Peru, nine destinations in Argentina, two in Ecuador, 30 destinations in other Latin American countries, 25 in North America, 13 destinations in Europe, four in the South Pacific and one in Asia. Currently, the LAN Alliance operates 70 passenger aircraft and 10 dedicated freighters.

LAN Airlines is a member of oneworld (TM), the world's leading global airline alliance. It has bilateral commercial agreements with oneworld partners American Airlines, British Airways, Iberia and Qantas, as well as with Alaska Airlines, AeroMexico, Mexicana, and TAM. For more information visit www.lan.com or www.oneworldalliance.com.



Contact:
In Chile
Gisela Escobar - Head of Investor Relations
gisela.escobar@lan.com
or
Juan Jose Irarrazaval - Investor Relations Analyst
juanjose.irarrazavalg@lan.com
Tel: (56-2) 565-3944/8775
or
In New York
i-advize Corporate Communications, Inc.
Maria Barona/Melanie Carpenter
Tel: (212) 406-3690
lan@i-advize.com

--------------------------------------------------------------------------------
Source: LAN Airlines S.A.

[Edited 2007-01-31 17:08:10]

2 replies: All unread, jump to last
 
User currently offlineDrgmobile From Canada, joined Aug 2006, 688 posts, RR: 0
Reply 1, posted (7 years 10 months 3 weeks 5 days 22 hours ago) and read 2564 times:

I am completely confused. Is "New Varig" the company that we keep hearing about as Varig? The one that just got kicked out of Star and had route authorities withdrawn? Or is this some new company that bought some assets during the bankruptcy process?

Doogie.


User currently offlineLipeGIG From Brazil, joined May 2005, 11459 posts, RR: 58
Reply 2, posted (7 years 10 months 3 weeks 5 days 15 hours ago) and read 2415 times:
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FORUM MODERATOR

Quoting Drgmobile (Reply 1):
I am completely confused. Is "New Varig" the company that we keep hearing about as Varig?

Yes, New Varig or "VRG Linhas Aereas" is a new corporation that owns "Varig" brand.

Quoting Drgmobile (Reply 1):
The one that just got kicked out of Star and had route authorities withdrawn?

No... the kicked one was the old-Varig, even operated nowadays by VRG Linhas Aereas

Quoting Drgmobile (Reply 1):
Or is this some new company that bought some assets during the bankruptcy process?

That's the better definition, they bought some of the operational assets of RG "Varig S.A - Viacao Aerea Rio Grandense": routes and airport facilities.

Quoting PlaneGuy27 (Thread starter):
Makes sense....

Press Release Source: LAN Airlines S.A.

What a change... expect to see some changes now and that RG can obtain more planes.

Felipe



New York + Rio de Janeiro = One of the best combinations !
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