FlyPEGASUS
Topic Author
Posts: 72
Joined: Wed Nov 16, 2005 2:24 am

Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 12:33 am

According to Diário Económico, VARIG has received proposals for acquisition of VARIG LOG and VARIG VEM higher than TAP's proposal.

A north american fund Matlin Patterson and the Brazilian Group Docas presented proposals of acquisition for the Two subsidiaries respectively by 117 million dollars and 130 million dollars.

TAP will be informed and will have the chance to cover those values, or not.

Here is the link, but only in portuguese, sorry...
http://www.diarioeconomico.com/edici...empresas/pt/desarrollo/599319.html

Regards
 
LipeGIG
Posts: 5050
Joined: Tue May 03, 2005 7:33 am

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 12:56 am

And if they do not cover, TP will receive a check for USD 12,5 million and will keep doing a very good deal.

Varig is a mother for everyone. The Martin Patterson received some money to extend their bid, now TP probably will receive some cash, LH Consulting, Unibank (Brazil), other consultants....

And they keep now with 18 planes on ground inclunding 4 precious widebodies in the brazilian high season.

RG need a good managers team in order to avoid those losses. Everytime they decide to do something they agree to pay fines and commitments fee's to everyone.

FRB Fundation (RG owner) is a cancer.

Felipe
New York + Rio de Janeiro = One of the best combinations !
 
FlyPEGASUS
Topic Author
Posts: 72
Joined: Wed Nov 16, 2005 2:24 am

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 1:28 am

With these new values in question I doubt that TAP will keep in the race for VARIG's control.
 
JJMNGR
Posts: 924
Joined: Wed May 26, 2004 9:06 pm

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 3:43 am

With all these payments for non executable deals someone is receiving a big pay back; as salaries of more than R$600,00 are not being paid....
 
FMAL
Posts: 469
Joined: Tue Jan 13, 2004 9:16 am

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 4:16 am

I think, for the first time, that Varig really will not survive.

The Foundation finally dug up their own grave when they fired the previous board.

Sad. I feel bad for all those kids who dream of becoming a pilot....the ones that are now available, with Varig's downfall, will have almost no chance to enter the market.....
 
ghost77
Posts: 4461
Joined: Wed Mar 01, 2000 2:07 pm

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 4:26 am

Quoting LipeGIG (Reply 1):
And they keep now with 18 planes on ground

Are those frames owned or leased? If leased... how does RG manage to keep the planes on ground, paying leases and not flying the aircraft for a small return?!!!!

Quoting FMAL (Reply 4):
Sad. I feel bad for all those kids who dream of becoming a pilot....the ones that are now available, with Varig's downfall, will have almost no chance to enter the market.....

JJ and G3 will overtake RG's market and pilots... those kids will need more time only...

It's over!! RG is dead... so sad... I keep seeing RG's B763ER... when it used to be an M11 and B772 operation...

ghost77 APM
Ricardo Morales - flyAPM - ¡No es que maneje rapido, solo estoy volando lento!
 
TP727
Posts: 95
Joined: Sun May 22, 2005 12:21 am

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 5:15 am

Hello everyone,

I have just read that Nelson Tanure is getting 25% of RG, and will take control of the airline. That may be a good deal for VARIG, and also be the very last chance of survival. For the portuguese readers the link below should explain more. http://www1.folha.uol.com.br/folha/dinheiro/ult91u103284.shtml .

TP727
 
DC10Forever
Posts: 81
Joined: Tue Oct 18, 2005 10:25 pm

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 5:23 am

Quoting Ghost77 (Reply 5):
Are those frames owned or leased? If leased... how does RG manage to keep the planes on ground, paying leases and not flying the aircraft for a small return?!!!!

That's easy: Varig does not pay its rents. All operational lease agreement are under payment default. That's why some lessors are requesting the repossession of 40 aircraft at the Southern Bankruptcy Court in NYC.

I guess that TAP will cover any new proposal ...
Better one flying than two grounded
 
ghost77
Posts: 4461
Joined: Wed Mar 01, 2000 2:07 pm

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 7:45 am

Quoting DC10Forever (Reply 7):
That's easy: Varig does not pay its rents. All operational lease agreement are under payment default. That's why some lessors are requesting the repossession of 40 aircraft at the Southern Bankruptcy Court in NYC.

Oh get it!!! RG is in deep sh*t!!! And lessors to... I can imagine, willing to have their aircraft back to place them at other carrirers... lets see how all this ends up...

ghost77 APM
Ricardo Morales - flyAPM - ¡No es que maneje rapido, solo estoy volando lento!
 
PPVRA
Posts: 7878
Joined: Fri Nov 12, 2004 7:48 am

RE: Varig LOG & Varig VEM: New Acquisition Proposa

Tue Dec 13, 2005 7:52 am

Quoting TP727 (Reply 6):
I have just read that Nelson Tanure is getting 25% of RG, and will take control of the airline. That may be a good deal for VARIG, and also be the very last chance of survival. For the portuguese readers the link below should explain more.

That's still not enough. FRB needs to lose the majority share for the lawsuit with the government to apply. FRB holds (or did) 87% of the shares. Without that lawsuit it's most likely only a matter of time before they find themselves back at where they are today.

Quoting FMAL (Reply 4):
I think, for the first time, that Varig really will not survive.

I have to agree  Sad Hope is the last one that dies, but it's been on life support for months, if not worse...

Cheers
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
PPVRA
Posts: 7878
Joined: Fri Nov 12, 2004 7:48 am

RE: Varig LOG & Varig VEM: New Acquisition Proposa

Tue Dec 13, 2005 7:53 am

Double post - please delete

[Edited 2005-12-12 23:54:14]
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
JJMNGR
Posts: 924
Joined: Wed May 26, 2004 9:06 pm

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 9:11 am

Big money laundry....big money laundry........
 
LipeGIG
Posts: 5050
Joined: Tue May 03, 2005 7:33 am

RE: Varig LOG & Varig VEM: New Acquisition Proposal

Tue Dec 13, 2005 11:36 am

Quoting Ghost77 (Reply 5):
Are those frames owned or leased? If leased... how does RG manage to keep the planes on ground, paying leases and not flying the aircraft for a small return?!!!!

All RG fleet is leased. The last own planes they have was their 732 fleet.

Quoting TP727 (Reply 6):
I have just read that Nelson Tanure is getting 25% of RG, and will take control of the airline

Mr. Tanure, CEO of a young group and the safe-harbour (?) of some broken enterprises like Jornal do Brasil (a newspaper) and Gazeta Mercantil (another newspapaer in Brazil), also a shipyard (broken five years ago).... i don't believe he keep so much money.... i have to agree with JJMNGR...

Quoting JJMNGR (Reply 11):
Big money laundry....big money laundry........

Wish to see RG in good shape, but it's strange how things are moving fast when RG is under pressure... and more money going .... RG is really amazing with the market!

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