Former subsidiary bids to takeover bankrupt Varig

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01 May 2006

Brazilian flag-carrier Varig, which has been under both Brazilian and US bankruptcy protection since June 2005, is set to be purchased by its former subsidiary, Varig Log, for $400 million. Varig Log, Brazil's largest air cargo operation, had its previous takeover bid of $350 million rejected by Varig's creditors. While further...

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