Varig Logística S.A., operating as VarigLog, is a cargo airline, based in Jardim Aeroporto, Campo Belo, São Paulo, Brazil.[1]
All operations were suspended on February 1, 2012.[2]
[edit] History
The airline started operations in September 2000 as a wholly owned subsidiary of Varig and employed 1,345 staff[citation needed].
VARIGLOG was purchased for US $ 48.2 million by the consortium Volo do Brasil in December 2005 during the split-up of the assets of Varig. Volo do Brasil comprised the MatlinPatterson Funds and the Brazilian investors Marcos Antonio Audi, Marcos Hapfel and Luiz Eduardo Gallo. The negotiation was concluded in June 2006, after strict regulatory approval, particularly concerned with the participation of foreign capital, limited by Brazilian laws to 20%.[3]
In July 2006, Volo bought its one-time parent Varig (the "new" Varig, founded in 2005) but less than one year later Varig was divested from the Volo group, when on March 28, 2007 Gol Linhas Aéreas Inteligentes, the parent company of budget carrier Gol Transportes Aéreos, purchased Varig for US$320 million.
In March 2008, there were reports of asset transfers between (LC) VARIG Logistica and (JW) Arrow Air as Arrow Air Cargo was also being absorbed into the MatlinPatterson holding company but they were not implemented.
Since March 2008, VarigLog has accumulated debts with both large and small suppliers which led to the request to be placed under bankruptcy protection on March 3, 2009. The Brazilian former investors accuse MatlinPatterson of mismanagement with the intention of leading VarigLog to bankruptcy. While VarigLog is protected, the legal battle continues.
The company is in "debtor-in-possession financing / receivership" at this time, and is under the direction of the successor organization to Volo, the Synergy Group. Published reports as of October 2009 are that the Synergy Group had acquired a controlling majority share holdings of Varig Logistica.[4]
Between June 2007 and June 2009 VarigLog maintained an operational agreement with FedEx in Brazil. Germán Efromovich (Synergy Group) gave up to buy the airline in 2011. On 3 February 2011 the company suspended its operations. A restructuring process is under way.[5]
[edit] Destinations
As of March 2011, VarigLog operated services to the following scheduled destinations:
As of December 2011 the fleet of VarigLog included the following aircraft:[6]
[edit] References
[edit] External links
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