Brazil’s Varig May Be Forced to Liquidate
Jun 21st, 2006 | By Jared BlankBrazil’s Varig may be forced to liquidate by the end of the week if a group of employees who purchased the bankrupt carrier cannot come up with $75 million by Friday. The airline is in dire financial straits, going so far as to cancel a third of its flights this week. A group of airline employees and 2 foreign investors agreed to purchase the carrier for $449 million, but without the initial $75 million payment a bankruptcy judge has said the airline will be forced to liquidate. Varig is not long for this world…