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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

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