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Boeing restructures debt contracts with Brazil's Varig.

Publication: Japan Transportation Scan
Publication Date: 24-DEC-01 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
RIO DE JANEIRO, Brazil, Dec. 18 Kyodo

Brazilian airline Varig and Boeing Co. of the United States announced an agreement Tuesday on the restructuring of leasing contracts which has allowed the former to downgrade its total debts by one-third.

The agreement, which has reduced Varig's debts by $370 million, included the sale and the lease-back of four MD-11 and two Boeing 737-300 planes, according to an official communique released by the Brazilian airline.

Varig is the largest airline in Latin America with 435 daily flights to 18...

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