Varig hires Alvarez & Marsal as chief restructuring advisers

By Caroline Salls

Pittsburgh, March 17 - Varig SA hired Alvarez & Marsal as chief restructuring advisers to work with the company's management and board as it moves forward with the restructuring process, according to a Friday news release.

"Our team of international professionals will bring our extensive experience in turnarounds and restructurings to bear as we work closely with Varig's senior executive team, who will remain in their current positions," Alvarez & Marsal's Marcelo Gomes said in the release.

"We do not expect the restructuring process to disrupt the ongoing operations and administration of the company."

Luis Delucio, a director at Alvarez & Marsal, will serve as co-chief restructuring adviser along with Gomes.

Varig, a Rio de Janeiro, Brazil-based air carrier, filed for Section 304 bankruptcy on June 20, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its case number is 05-14400.

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