antiuser
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Judge Halts Varig Log Sale

Wed Aug 31, 2005 3:32 am

According to the Brazilian newspaper O Globo's website, following a precautionary measure filed by representatives of the air transport workers' union, the sale of RG's cargo subsidiary Varig Log - a key part of the airline's restructuring plan - has been halted by a Rio de Janeiro labour judge. Varig's chairman David Zylbersztajn declared that RG doesn't have an alternative plan and if the sale is indeed halted, the company may stop operations.
Varig Log would be sold for US$ 100 million to American investment company Matlin Patterson.

Here's the link (in Portuguese) to the full article: http://oglobo.globo.com/boaviagemonline/aviacao/169616431.asp

[Edited 2005-08-30 20:33:39]
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