October 20, 2005
Brazil's BNDES development bank may take a stake in ailing carrier Varig as
Brazil's BNDES development bank may take a stake in ailing carrier Varig as Latin America's biggest airline struggles to reorganize its finances under new bankruptcy legislation. BNDES could take a share in Varig to help it renegotiate $3.4 billion in debt, a bank official told a creditors meeting in Rio de Janeiro. The BNDES has agreed to finance sale of Varig's maintenance and cargo units.