Varig Logística
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| Founded | 2000 | ||||||
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| Commenced operations | 2001 | ||||||
| Ceased operations | 1 February 2012 | ||||||
| Fleet size | 4 | ||||||
| Destinations | 8 | ||||||
| Headquarters | São Paulo, Brazil | ||||||
| Key people | Chan Lup Wai Ohira | ||||||
| Website | www |
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Varig Logística S.A., operating as VarigLog, was a cargo airline, based in Jardim Aeroporto, Campo Belo, São Paulo, Brazil.
All operations were suspended on 1 February 2012 and on 27 September 2012 it was declared bankrupt.
The airline started operations in September 2000 as a wholly owned subsidiary of Varig and employed 1,345 staff.
Varig Log 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%.
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 28 March 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, Varig Log has accumulated debts with both large and small suppliers which led to the request to be placed under bankruptcy protection on 3 March 2009. The Brazilian former investors accuse MatlinPatterson of mismanagement with the intention of leading Varig Log 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.
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