The operational assets of Varig, Brazil's flag-carrier, were yesterday sold for US$24m to VarigLog, the airline's former cargo transport subsidiary, in an auction held in Rio de Janeiro.
VarigLog, sold six months ago to a consortium backed by Matlin Patterson, a US private equity firm, was the sole bidder in the auction. As part of the restructuring plan, VarigLog has also agreed to invest US$485m in the company.
