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Varig Restructuring Approved By Creditors

Tue Nov 08, 2005 4:37 pm

From Brazilian newspaper O Globo. Portuguese link here.

After much deliberating, RG's creditors finally approved the restructuring plan for the company, which will begin on Tuesday November 8 when RG should pay off its leasing debts totalling US$ 62 Million. One third of the money will come from TP and the remainder from BNDES (Federal Development Bank). TP will assume control over VEM (Varig Engineering and Maintenance) and VarigLog (RG's cargo division). Varig's president, Omar Carneiro da Cunha, said TP will buy a 95% stake in VarigLog and 90% of VEM.

Guido Mantega, president of BNDES, said there is no way the bank will give funds directly to RG, but would finance investors who want to join the effort to save the airline.
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