VARIG
Join Date: May 2005
Location: Brasil
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Latest fact/rumour from the local press is that VarigLog and GOL have both suggested that they could make bids if the TGV doesn't come up with the money in time.
Meanwhile, Varig is cancelling flights again today.
Meanwhile, Varig is cancelling flights again today.
Join Date: Aug 2002
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No Varig flights into / out of LHR today or tomorrow so far.
Last nights flight (B777) came into LHR around 2000LT and went off to CGN as a ferry flight to collect Footy fans !
sad times
Last nights flight (B777) came into LHR around 2000LT and went off to CGN as a ferry flight to collect Footy fans !
sad times
Join Date: May 2006
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It now seems VarigLog the former Logistics Arm bought last year is preparing a $500M bid, you would think they would offer $449M or lower as this was what had been previously accepted and now as the situation doesnt look good! But here is hoping the airline does get bought!
Join Date: Oct 2004
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VARIG HAS BEEN SOLD!
RIO DE JANEIRO, Brazil, July 20 (Reuters) - Brazilian investment fund Volo do Brasil was the sole bidder on Thursday at a public auction to sell airline Varig (VAGV4.SA: Quote, Profile, Research), winning the troubled carrier for 52.4 million reais ($24 million).
The sale foresees splitting Varig into two companies. Volo, which together with U.S. investment fund MatlinPatterson controls cargo unit VarigLog, will get most of Varig's routes, as well as the bulk of its fleet, which has dwindled to 13 aircraft from 60 a few months ago.
It will not, however, inherit Varig's crushing debt load of more than 7 billion reais ($3.1 billion). That will have to be paid back by a separate company in charge of Varig's training center and other company buildings, as well as one domestic route.
Varig, once Latin America's largest airline, has been operating under bankruptcy protection for the past year. ($1 = 2.19 reais)
The sale foresees splitting Varig into two companies. Volo, which together with U.S. investment fund MatlinPatterson controls cargo unit VarigLog, will get most of Varig's routes, as well as the bulk of its fleet, which has dwindled to 13 aircraft from 60 a few months ago.
It will not, however, inherit Varig's crushing debt load of more than 7 billion reais ($3.1 billion). That will have to be paid back by a separate company in charge of Varig's training center and other company buildings, as well as one domestic route.
Varig, once Latin America's largest airline, has been operating under bankruptcy protection for the past year. ($1 = 2.19 reais)
Join Date: Oct 2004
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I dont know, it is hard to say as one of the Varig companies will remain with the debt. Theoretically its Varig1 and Varig2 currently. Lets wait & see. It will be good to keep the brand of course that is familiar to so many.
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The new owners of troubled Brazilian airline Varig have stopped all flights apart from those between its two main cities, Rio de Janeiro and Sao Paulo.
http://news.bbc.co.uk/1/hi/business/5201938.stm
http://news.bbc.co.uk/1/hi/business/5201938.stm
Join Date: May 2005
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The new owners will also tell about 8500 employees to take a hike, retaining only 1600 for the "New Varig". This one still has a lot of life in it, with several court cases likely to start very soon.
1. Last week the staff of Varig voted to reject the offer by VarigLog. The judge in charge of the case over-ruled this vote on the basis that the employees had passed on their voting rights to financial institutions and therefore had no say in the matter. Expect that to be challenged soon.
2. The law here allows only 20% foreign ownership in any airline. VarigLog is almost exclusively foreign owned and so by extension so is the 'New Varig". The lawyers are already rubbing their hands in glee.
3. The judge in charge of the disposal of Varig has made several strange decisions, and quite a few odd comments. It's quite possible that there will be challenges to the legitimacy of the whole process.
It's not a pretty picture, and will probably run for years yet.
1. Last week the staff of Varig voted to reject the offer by VarigLog. The judge in charge of the case over-ruled this vote on the basis that the employees had passed on their voting rights to financial institutions and therefore had no say in the matter. Expect that to be challenged soon.
2. The law here allows only 20% foreign ownership in any airline. VarigLog is almost exclusively foreign owned and so by extension so is the 'New Varig". The lawyers are already rubbing their hands in glee.
3. The judge in charge of the disposal of Varig has made several strange decisions, and quite a few odd comments. It's quite possible that there will be challenges to the legitimacy of the whole process.
It's not a pretty picture, and will probably run for years yet.
Join Date: Oct 2004
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Current schedules?
Anyone know what the current deal is on RG schedules? The LHR-GRU MD11 flew last night as per the "usual" timings.
I also saw some pictures on airliners.net of RG aircraft in GIG. NOPE, not a pretty sight.
I also saw some pictures on airliners.net of RG aircraft in GIG. NOPE, not a pretty sight.
Join Date: May 2005
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The new owners wanted to drop all routes except the Sao Paulo-Rio link, the most profitable on the network. The Civil Aviation Department is insisting that they maintain a number of other domestic and international routes, and they have agreed to look into this.
That probably means that they have no intention of doing anything about it.
Those international routes that are likely to survive are LHR and MIA. Service is patchy at best, a colleague of mine was delayed for 27 hours coming from LHR yesterday, due to a cancellation.
Internally they announced flights to Brasilia, Porto Alegre, Salvador and Florianopolis in addition to the Rio-Sao Paulo link, although several of these were later cancelled.
There will be no easy solution for Varig, the new owners want to keep the best routes and dump the rest, whereas ANAC are insisting that they maintain more than they want to.
That probably means that they have no intention of doing anything about it.
Those international routes that are likely to survive are LHR and MIA. Service is patchy at best, a colleague of mine was delayed for 27 hours coming from LHR yesterday, due to a cancellation.
Internally they announced flights to Brasilia, Porto Alegre, Salvador and Florianopolis in addition to the Rio-Sao Paulo link, although several of these were later cancelled.
There will be no easy solution for Varig, the new owners want to keep the best routes and dump the rest, whereas ANAC are insisting that they maintain more than they want to.
Join Date: Dec 2005
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Has VARIG finally gone under
Does anyone know if Varig airlines has finally gone under or they still around. Are they laying of pilots...what about their fleet structure; are they selling ac and revamping their fleet. Whats going on down there
Join Date: Oct 2004
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VARIG (pax airline)
No, things have moved on of late. Varig reformed due to new owners saving the name. Its operating a VERY limtied number of services with a drastically reduced fleet of MD11/B763/B737. Most of their international services have stopped. The last minute change of ownership paved the way to a new Varig.
Join Date: Apr 2002
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Lots of rumors of ex-Varig pilots currently. Emirates are having a recuitment session in Rio shortly and Qatar Airways are looking at DOH-GRU-DOH services on the new A346IGW. I heard some ex-Varig 737 people might have been hired by Ryanair.
Join Date: Nov 2005
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latest on Varig
Hi all,
Seeing the Varig Log (VLO9792) flying into LHR on Saturday made me wonder what the latest on this beleaguered airline was? I take it they have now completely discontinued scheduled operations into LHR.
Thanks,
MM
Seeing the Varig Log (VLO9792) flying into LHR on Saturday made me wonder what the latest on this beleaguered airline was? I take it they have now completely discontinued scheduled operations into LHR.
Thanks,
MM
Join Date: Apr 2002
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VarigLog bought the remants of the passenger airline and are turning things around nicely. Passenger operations ex LHR are due to start sometime in the near future with probable B763 or MD11 equipment.
The only other Europe operation is FRA, this is still done daily with a MD11 pax aircraft.
There are still some internal Brasil Varig passenger flights but most of the original internal and domestic network is reduced substanitally.
VarigLog continue to successfully fly their own freighter network, which LHR appears to have become a new weekly freighter routing with either DC10F or MD11F.
The only other Europe operation is FRA, this is still done daily with a MD11 pax aircraft.
There are still some internal Brasil Varig passenger flights but most of the original internal and domestic network is reduced substanitally.
VarigLog continue to successfully fly their own freighter network, which LHR appears to have become a new weekly freighter routing with either DC10F or MD11F.
