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Brazil’s Varig May Be Forced to Liquidate

Brazil’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…

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