US Investment Fund Matlin Patterson is making today a proposal to buy the entire shares of VARIG.
Matlin Patterson had made a proposal before to buy RG's cargo company VarigLog but now changed its proposal to buy the whole airline and its subsidiaries VarigLog, VEM, and SATA.
A top representative from Matlin Patterson is currently at RG's Board meeting making the official presentation of the proposal. Government sources have also confirmed today that Matlin Patterson intended to buy the whole VARIG Group. The Government, which is the biggest debtor of RG, is participating in the decision-making process.
It is expected that the US Group will associate itself to other Brazilian Groups and receive official backing (i.e. loan) from the National Development Bank.