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Varig Sold for $24 Million

Varig, once Brazil’s largest airline, was sold for $24 million last week in a move that will keep it from liquidation.  The buyers, a Brazilian investment fund, will get 13 airplanes (down from 60 a few months ago) and the airline’s frequent flyer program.  It also promises to invest $485 million.  In addition, the airline will only fly Rio to Sao Paulo until they can figure out a strategy that will actually make money. 

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