Airline: Varig is one of the last big nation airlines to be owned by the government. I wonder what their restructing plan looks like? Any ideas how I could get a hold of a proposal? Mike Burris Cambridge, Mass --- Bill Hough <psa188@xxxxxxxx> wrote: > =20 > ---------------------------------------------------------------------- > This article was sent to you by someone who found it > on SFGate. > The original article can be found on SFGate.com > here: > http://www.sfgate.com/cgi-bin/article.cgi?file=3D/n/a/2005/07/12/financial/= > f180507D60.DTL > > --------------------------------------------------------------------- > Tuesday, July 12, 2005 (AP) > Varig Airlines Starts Restructuring Plan > > > > (07-12) 18:05 PDT SAO PAULO, Brazil (AP) -- > > The 60-day period which Varig, Brazil's > debt-laden airline, has to prese= > nt > a restructuring plan aimed at recovering its > financial health began on > Tuesday, local media reported. > > The two-month period formally began with the > publication Tuesday in the > Official Gazette of Rio de Janeiro state of last > month's court decision > allowing the airline to put together a > debt-restructuring plan. > > Once its plan is ready, Varig will have an > additional four months to > negotiate it with its creditors, the Agencia Estado > news agency said. > > To be implemented, the plan must be approved by > 51 percent of the > airline's creditors.If approval is refused the > company will be declared > bankrupt, Agencia Estado said. > > Varig's single largest creditor is the Brazilian > state. Other creditors > include the airline's pension fund, Aerus, as well > as firms that lease > aircraft to the stricken company, including units of > General Electric Co., > Boeing Co. and Goodrich Corp., along with > International Lease Finance > Corp., a unit of American International Group Inc. > > Varig officials were not immediately available > for comment. > > On June 22, a Brazilian court accepted Varig's > petition to begin a > financial restructuring process under the new > bankruptcy law. > > Varig sought protection from creditors under the > new bankruptcy law > ? which took effect June 9 ? as it > struggles to resolve debts > totaling around 9.5 billion reals ($4 billion). > > > ---------------------------------------------------------------------- > Copyright 2005 AP >