VarigLog, the former subsidiary of troubled Brazilian national carrier Varig, has bought the bankrupt airline at auction for US$ 24 million.

At the end of last year, Varig sold is maintenance arm, VEM, and cargo division, VarigLog, to Aero-Lb and Volo do Brasil, respectively.Aero-LB is a firm created by the Straus investment fund of Brazil and Reaching Force, owned in equal parts by Portugal’s TAP airline and Geocapital of Macau casino tycoon Stanley Ho.

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