Brazil’s Varig Files for Bankruptcy

Jun 21st, 2005 | By Jared Blank

Varig, Brazil’s largest carrier, filed for bankruptcy on Friday, though it says operations will continue as normal. Meanwhile, TAP, Portugal’s primary airline, decided against taking a 20% stake in Varig, saying that an ownership stake "doesn’t make sense," which is not good news for Varig. The airline has 60 days to present a new business plan or its planes could be repossessed.

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