• Categories
  • Archives

Brazil: Bankruptcy-Plagued Varig Hires US Firm Savvy on Distressed Airlines

Global professional services firm Alvarez & Marsal, which specializes in turnarounds and restructurings, announced it has been hired by ailing Varig, the largest Latin American airline, as chief restructuring advisors to work with the company’s management and board as it moves forward with the restructuring process.

The decision to retain a professional restructuring firm was initiated by Brazil-basedVarig’s creditors and the selection process followed technical criteria. Alvarez & Marsal has dealt with other distressed airlines including US Airways and AeroMexico.

"Our team of international professionals will bring our extensive experience in turnarounds and restructurings to bear as we work closely with Varig’s senior executive team, who will remain in their current positions," said Marcelo Gomes, a Brazil-based managing director at Alvarez & Marsal.

"We do not expect the restructuring process to disrupt the ongoing operations and administration of the company."

Alvarez & Marsal professionals will not assume official interim management roles. Varig president Marcelo Bottini and all current directors will remain in their current positions at the company.

Luis Delucio, a director at Alvarez & Marsal, will serve as co-chief restructuring advisor along with Mr. Gomes. Both will report directly to Mr. Bottini and Varig’s board of directors.

Alvarez & Marsal – www.alvarezandmarsal.com


  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


You May Also Like

Brazil and Tunisia Sign Accord on Higher Education

The Minister of Foreign Affairs of Tunisia, Abdelwahab Abdallah, and the Brazilian Minister of ...

Florida’s Trade Mission to Brazil Is On

Florida Secretary of State, Glenda Hood; Ambassadors Sue and Charles E. Cobb, Chairman of ...

WTO Hints Brazil and Friends Are Holding Hong Kong’s Meeting Hostage

The European trade commissioner, Peter Mandelson, said today, that everyone must leave Hong Kong ...

Brazil Hosts UN Conference on Digital Inclusion

For the first time, Brazil is going to host the world conference “Wireless Internet ...

Brazil Discovers Sorghum and Is Harvesting Over 1.5 Tons a Year of It

A highly nutritious plant variety used to feed animals, which is being broadly used ...

Brazil Ready to Cut Airfares Up to 80%

Brazil's National Civil Aviation Agency, which controls commercial flights policy in the country, announced ...

Brazil Says Breaking AIDS Drugs Patent Violates No Law

Brazilian lawmakers have approved a project authorizing the government to break patents on certain ...

Gay Brazil

Bars, movie theaters, hotels and other commerce catering exclusively to gays are doing brisk ...