Manufacturing Industry
Negotiations between Varig and TAP fail
Airline Industry Information, June 21, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Negotiations between Brazilian national carrier Varig (Viacao Aerea Riograndense SA) and Portuguese state-owned airline TAP for a plan to rescue Varig from bankruptcy have failed, the CEO of TAP has said.
TAP and Varig had been discussing a plan, according to which the Portuguese airline would invest an undisclosed sum in Varig and get a stake of up to 20% in the Brazilian carrier. However, on Friday (17 June) Varig filed for bankruptcy protection.
Filing for bankruptcy protection is an internal process in which TAP cannot take part, said the TAP CEO in an interview, adding that TAP would further analyse its stance and follow the developments closely.
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