Manufacturing Industry
Varig petition for restructuring approved
Airline Industry Information, June 23, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
The petition by Varig, a Brazilian airline, to begin a financial restructuring process has been approved by a Brazilian court.
The process will reportedly take place under the new bankruptcy law. The petition by Varig and its Rio Sul and Nordeste subsidiaries was accepted by Judge Alexander Macedo of the eighth corporate court in Rio de Janeiro, The Associated Press reported.
The company has been granted 60 days to prepare its restructuring plan.
The new bankruptcy law stepped into force on 9 June.
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