Varig forced to cancel flights

21st Jun 2006

The troubled Brazilian airline Varig has been forced to cancel 67 of its 180 daily flights amid fears of impending financial collapse.
The decision came only a day after a bankruptcy judge agreed to sell the airline to a consortium of Varig workers in conjunction with two foreign investors.

They saved Varig from immediate liquidation, but the consortium needs to find US$75m by Friday. The same judge warned that without this payment the buyout will certainly fail.


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