Varig Sold for $24 Million
July 24 2006
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.
