Varig and its controlling shareholder the Rubem Berta Foundation have chosen TAP Portugal as its partner in a debt-restructuring process aimed at saving it from liquidation, the Brazilian airline said yesterday. TAP's proposal was chosen over six other offers. The plan includes an initial $62 million in financing to pay off debts owed to overseas leasing companies, avoiding the repossession of 20-40 aircraft. In a second phase, TAP would help Varig with a $500 million recapitalization ...
