A Rio de Janeiro labour court has revoked its earlier decision that Varig air cargo unit VarigLog and maintenance unit VEM cannot be sold during the bankruptcy process in order to protect the Varig employees and pension funds. The carrier had put forward plans to sell VarigLog to the Matlin Patterson investment fund. Following the latest court decision, a Varig source says the airline will now “resubmit immediately” its request to the court handling its bankruptcy protection filing for authorisation to sell VarigLog to the US investment fund.
Source: Flight International
