New bidder makes deposit for Varig

A US-Brazilian consortium, has put in an offer of $495 million to buy bankrupt airline Varig and has deposited $20 million to keep the airline running. This comes as the bankruptcy court judges assess the bailout bid by VarigLog, which is owned by Volo do Brasil and involves U.S. investment fund Matlin Patterson and a group of Brazilian investors.

A Brazilian bankruptcy judge annulled the sale of Varig, to a worker-led consortium after it failed to make a $75 million deposit.