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WebFlyer Home > News & Advice > NotiFlyer

NotiFlyer :: Late-Breaking News
Late-Breaking Program News INTERNATIONAL - Sale Saves Varig Miles
(Posted: Jul 21, 2006)

In a last-minute deal, Brazilian airline Varig has been sold to a Rio De Janeiro investment firm, saving the miles of some 6 million members of Varig?s Smiles frequent flyer program.

The sale, which must be approved by Brazil's Civil Aviation Agency, will keep the carrier afloat at a time when its survival was in doubt. For months, the cash-strapped carrier has been canceling flights, unable to meet fuel and airport-fee expenses.

The $24 million sale will see Varig split into two groups. One company will assume the airline?s debt, while another will inherit its fleet and frequent flyer program.

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