Posts: 646
Joined: Thu May 27, 2004 9:43 am

Infraero Losing Patience As Varig Stock Rises

Wed Apr 26, 2006 8:26 am

Brazilian newspaper O Globo reports that the president of Infraero (the Brazilian Airport Administration Authority), Jose Carlos Pereira, said that Infraero has done all it could to help RG, but as the airline's debt with the airport administrator is reaching R$ 515 mil (approx. US$ 245 mil) and increasing by R$900,000 each day, they can't wait any longer. This news comes right after RG's stocks rose over 12% with the announcement of a new buyout offer, by Brazilian investment consultant Jaime Toscano. Toscano has reportedly offered R$ 1.9 billion for RG, but the offer has been met with some skepticism, as Toscano hasn't revealed the origin of his financial resources.

Looks like RG might get a bit more breathing room, but I'm not sure of anything anymore...
Azzurri Campioni del Mondo!
Posts: 924
Joined: Wed May 26, 2004 9:06 pm

RE: Infraero Losing Patience As Varig Stock Rises

Wed Apr 26, 2006 9:33 am

Justice is going to determine the execution of R$133 million against VARIG to pay debit with INFRAERO. Where the money is going to come from nobody knows...
Posts: 1125
Joined: Fri Feb 20, 2004 5:09 am

RE: Infraero Losing Patience As Varig Stock Rises

Wed Apr 26, 2006 1:53 pm

The endless RG 'tele-novela' is just baffling. RG is in bankruptcy; I mean, are the creditors in charge or NOT??!!!

Why haven't INFRAERO, Petrobras, GE, lessors and rest of the endless parade of RG's creditors formed a CREDITORS' COMMITTEE to develop a reorganization plan for ONCE and FOR ALL??!! The reorganization plan can be approved [or rejected] by the federal bankruptcy court and the RG case can be closed...

What is going on? Why is the FRB still exercising corporate governance?

Why isn't the bankruptcy trust responsible for RG's governance executing the DRASTIC restructuring required to allow a return to operational cashflows? The federal bankruptcy judge should be ripping apart all of RG's labor contracts and laying-off thousands of employees, not sitting on his hands doing nothing.

One thing is for sure: if the RG case is reflective of the entire system, then the Brazilian bankruptcy code is a complete failure...

[Edited 2006-04-26 06:55:00]
Posts: 4
Joined: Fri Apr 28, 2006 2:46 am

RE: Infraero Losing Patience As Varig Stock Rises

Fri Apr 28, 2006 3:19 am

Does anyone know if VARIG really has a court date in New York this week? Who might be present?

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