Since the following topic is "broken" please continue in this one:
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BTW Bilbo your pictures are not working !!
Chris
Varig situation
Moderator: Latest news team
Biggest hurdles removed
Brazilian aviation authorities approved the sale of the cargo unit of the country's bankrupt flagship Varig airline, opening a window Saturday for the salvation of the carrier and an end to chaos for stranded ticket holders.
Foreigners are allowed to own only 20 percent of Brazilian airlines.
Volo de Brasil announced its intention to buy the VarigLog cargo unit earlier this year but the sale was held up by claims that Volo is controlled by foreign investors.
The approval of VarigLog's sale to Volo removed one of the biggest hurdles the firm faced in trying to buy Varig.
Brazilian soccer fans who flew into Paris, Milan, and Munich have a better chance to get home now...
Foreigners are allowed to own only 20 percent of Brazilian airlines.
Volo de Brasil announced its intention to buy the VarigLog cargo unit earlier this year but the sale was held up by claims that Volo is controlled by foreign investors.
The approval of VarigLog's sale to Volo removed one of the biggest hurdles the firm faced in trying to buy Varig.
Brazilian soccer fans who flew into Paris, Milan, and Munich have a better chance to get home now...
New bidder for bankrupt airline Varig makes deposit
A US-Brazilian consortium has offered 495 million dollars to buy bankrupt Brazilian airline Varig, a court official said, raising hopes dashed last week by the failure of another bid.
Volo do Brasil, grouping US investment fund Matlin Patterson and Brazilian investors, came back with the 495-million-dollar offer after its bid of 400 million dollars two months ago was rejected as too low.
"Volo already deposited 20 million dollars and (bankruptcy) Judge Luiz Roberto Ayoub is now going to study its offer of 495 million dollars," a spokesman for the Rio de Janeiro court told AFP.
Hope not, because travelling those days in Brazil is pure mess. Neither TAM or GOL are prepared or capable to handle the estra passengers of Varig. Delays of up to 4 hours on some destinations are comon. Passengers are revolted in some airports, like yesterday nifght in BSB. Ticket prices are totally absurd. It is cheaper to travel to Paris that to some cities inside Brazil.
Denis
Denis
Well, the court is putting Varig on auction for the third time.
http://www.atwonline.com/news/story.html?storyID=5777
http://www.atwonline.com/news/story.html?storyID=5777
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A_lexander
- Posts: 36
- Joined: 09 Mar 2006, 00:00
- Location: Amsterdam
Varig was bought this morning by Varig Log for USD 24 millions.
The old Varig will keep the debts of around USD 4 billions, one plane, one destination and 50 employees.
The new Varig will operate with 13 planes and a workforce of about 2000 employees.
All others should be demitted.
Still unknown, which destinations will be flown, domestic or international...
Hope the new Varig will be better managed that the old one and slowly be back to was it used to be.
Denis
The old Varig will keep the debts of around USD 4 billions, one plane, one destination and 50 employees.
The new Varig will operate with 13 planes and a workforce of about 2000 employees.
All others should be demitted.
Still unknown, which destinations will be flown, domestic or international...
Hope the new Varig will be better managed that the old one and slowly be back to was it used to be.
Denis
I've recieved a mail from Kales Airline Services, the Belgian General Sales Agent for Varig Brasilian Airlines:
VARIG has succesfully been taken over by Volo do Brasil (owner VARIGLOG, former cargo department VARIG).
The new owners have already announced that domestic and international flights will continue but starting with a smaller structure with 15-20 aircraft and 1500-2000 staff. Routes/frequencies will be announced in the near future.
It was announced at the same time that for restructional reasons all flights from 22 July till 28 July, except between RIO-SAO, will be suspended.
VARIG has succesfully been taken over by Volo do Brasil (owner VARIGLOG, former cargo department VARIG).
The new owners have already announced that domestic and international flights will continue but starting with a smaller structure with 15-20 aircraft and 1500-2000 staff. Routes/frequencies will be announced in the near future.
It was announced at the same time that for restructional reasons all flights from 22 July till 28 July, except between RIO-SAO, will be suspended.
Varig has a little more time according to this article......
http://yahoo.reuters.com/news/articlehy ... ews&rpc=44
http://yahoo.reuters.com/news/articlehy ... ews&rpc=44
Theres nothing better than slow cooked fall off the bone BBQ, Texas style
VarigLog was the lone bidder.
Doesn't that say a lot?
Volo do Brasil together with US investment fund MatlinPatterson controls VarigLog.
And VarigLog is Varig's former cargo unit.
MatlinPatterson Global Opportunities Fund and MatlinPatterson Global Opportunities Fund II are Private Equity Fund Investments.
Private equity investments consist of equity in general partners that manage private equity funds and buyout and venture capital funds. These investments are generally carried at cost for at least the first year of ownership.
Last year, US Union fought the takeover of bankrupt Varig assets in Brazil.
The United Steelworkers (USW) today said that the Union is cooperating with the CUT (Central Única dos Trabalhadores, Workers' Unified Central) of Brazil and sharing information about the anti-worker practices of US-based investment fund MatlinPatterson.
The American workers's union calls MatlinPatterson a "vulture" fund that is awaiting permission from a Brazilian bankruptcy court to purchase a subsidiary of the Brazilian airline Varig.
"Thanks to MatlinPatterson, thousands of our members have been forced into the street or robbed of their health insurance and pension benefits," said David McCall, Director of USW District 1.
The fund specializes in distressed investing situations.
"Too many jobs have been sacrificed already for the greed of David Matlin, Mark Patterson and their partners," McCall said. "Our Union will not rest until MatlinPatterson gets the message that we will not back down or go away." United Steelworkers - www.steelworkers-usw.org
I have a feeling this is not over yet... (Could someone ask what their plans are now?)
Doesn't that say a lot?
Volo do Brasil together with US investment fund MatlinPatterson controls VarigLog.
And VarigLog is Varig's former cargo unit.
MatlinPatterson Global Opportunities Fund and MatlinPatterson Global Opportunities Fund II are Private Equity Fund Investments.
Private equity investments consist of equity in general partners that manage private equity funds and buyout and venture capital funds. These investments are generally carried at cost for at least the first year of ownership.
Last year, US Union fought the takeover of bankrupt Varig assets in Brazil.
The United Steelworkers (USW) today said that the Union is cooperating with the CUT (Central Única dos Trabalhadores, Workers' Unified Central) of Brazil and sharing information about the anti-worker practices of US-based investment fund MatlinPatterson.
The American workers's union calls MatlinPatterson a "vulture" fund that is awaiting permission from a Brazilian bankruptcy court to purchase a subsidiary of the Brazilian airline Varig.
"Thanks to MatlinPatterson, thousands of our members have been forced into the street or robbed of their health insurance and pension benefits," said David McCall, Director of USW District 1.
The fund specializes in distressed investing situations.
"Too many jobs have been sacrificed already for the greed of David Matlin, Mark Patterson and their partners," McCall said. "Our Union will not rest until MatlinPatterson gets the message that we will not back down or go away." United Steelworkers - www.steelworkers-usw.org
I have a feeling this is not over yet... (Could someone ask what their plans are now?)
One in Five
What did I tell you, see post just above:
Job cuts start at Brazil airline Varig after sale
"Today we begin one of the most important phases of the project of restructuring Varig,....." Volo intendeds to keep about 2,000 of 10,000 staff...
Varig to Lay Off 5,500 Workers
Job cuts start at Brazil airline Varig after sale
"Today we begin one of the most important phases of the project of restructuring Varig,....." Volo intendeds to keep about 2,000 of 10,000 staff...
Varig to Lay Off 5,500 Workers
Future of Viacao Aerea Rio-Grandense SA, or Varig once again in doubt Tuesday
A court ordered a US$75 million (euro60 million) cash infusion to be used to pay workers.
Rio de Janeiro labour court issued an injunction late Monday ordering the company to use the cash to pay employees.
That cash is a first installment toward buying the airline and had been earmarked to pay operating debts and keep the carrier aloft while it reorganizes.
Note: Tam Linhas Aereas SA informed Brazil's National Civil Aviation Authority it will stop honoring Varig tickets for international routes.
A court ordered a US$75 million (euro60 million) cash infusion to be used to pay workers.
Rio de Janeiro labour court issued an injunction late Monday ordering the company to use the cash to pay employees.
That cash is a first installment toward buying the airline and had been earmarked to pay operating debts and keep the carrier aloft while it reorganizes.
Note: Tam Linhas Aereas SA informed Brazil's National Civil Aviation Authority it will stop honoring Varig tickets for international routes.
21 August 2006: VARIG has been suspended from Iata’s BSP in all countries except Brazil, effective from today.
Passengers holding a Varig ticket issued by an Iata accredited travel agent who wish to use it for travel should check with their agent to ensure it is still valid. Passengers holding a Varig ticket issued by an Iata accredited travel agent who wish to obtain a refund should request it from their agent who will then apply to IATA for the money.
Further instructions on how these refunds will be processed will be sent out to all travel agents shortly.
source: travelinfo.co.za (free & daily news for the travel trade)
Passengers holding a Varig ticket issued by an Iata accredited travel agent who wish to use it for travel should check with their agent to ensure it is still valid. Passengers holding a Varig ticket issued by an Iata accredited travel agent who wish to obtain a refund should request it from their agent who will then apply to IATA for the money.
Further instructions on how these refunds will be processed will be sent out to all travel agents shortly.
source: travelinfo.co.za (free & daily news for the travel trade)