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Varig: TAP to save the Brazilian airline from bankruptcy

Saint Paul, Brazil - Portoguese carrier will take a 20% stake in Varig

At the beginning TAP should give Varig USD 62m to pay the most urgent debts and then it should pay USD 500m to purchase a 20% stake in the Brazilian airline. A foreign company can own up to a maximum of 20% of a Brazilian firm according to a South American law. The "Ruben Berta Foundation", Varig’s controlling shareholder, has traced the restructuring plan. Indeed TAP will not pay money; both operations w...

AVIONEWS - World Aeronautical Press Agency - 130216
Rome, Italy, 11/03/2005 12:53
AVIONEWS - World Aeronautical Press Agency

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