VARIG (acronym for Viação Aérea RIo-Grandense) was the first airline founded in Brazil, in 1927. From 1965 until 1990 it was Brazil’s leading and almost only international airline. In 2005, Varig went into judicial reorganisation, and in 2006 it was split into two companies informally known as “old” Varig – heir to the original airline and now defunct, and “new” Varig – a new company presently fully integrated into Gol Airlines.
In 1942 Varig began its first international route. In 1952, Varig bought Aero Geral, a small airline with concessions to fly from Natal until Santos. With this purchase Varig greatly enlarged its operations in Brazil. In 1975, Varig acquired a controlling interest in Cruzeiro do Sul, which was fully integrated into VARIG in 1993. In 1975, Rio-Sul was the fourth regional airline to be made operational and it was established by Varig. Its services started in 1976. Soon Rio-Sul was operating as Varig’s feeder-airline. In 1990, VASP and Transbrasil were authorized to fly to international destinations, breaking an almost-monopoly held by Varig since 1965. Varig became a member of Star Alliance in 1997. In 2001 Varig saw the birth of a new competitor in the Brazilian market: Gol Airlines and increasing competition of VASP and Transbrasil fighting for survival by dumping fares. After two unsuccessful attempts to auction the airline as a whole, the bankruptcy court decided in 2005 to split the airline in two different judicial entities, informally known as “old” Varig and “new” Varig. VRG Linhas Aéreas S/A (‘new’ Varig) is today fully integrated with Gol Airlines. As a result of accumulated debts, in 2010, the Court of Rio de Janeiro declared Nordeste Linhas Aéreas S/A, and operated under the brand-name Flex Linhas Aereas (‘old’ Varig) bankrupt and initiated the process of liquidation.
Source: Wikipedia
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