MatlinPatterson’s settlement with VRG objected to by VariLog

Chicago, Aug. 19 – MatlinPatterson Global Opportunities Partners II LP’s recently announced settlement with Gol Linhas Aereas, SA, formerly VRG Linhas Aereas SA, that is up for approval by the court after weeks of mediation has an objection lodged against, according to a response from Varig Logistica SA filed with the U.S. Bankruptcy Court for the Southern District of New York on Thursday.

Varilog objects on the grounds that the settlement impacts the rights of the VarigLog Estate in various material ways.

The amended plan relies on VariLog claim consensually resolved, disallowed or “estimated at an appropriate level,” all of which VariLog is resisting.

A hearing was held on Friday morning.

Mediation, though, over Varilog’s objection will be continued through Sept. 2, according to a separate notice with the court on Friday.

MatlinPatterson is a New York-based distressed debt and credit opportunities fund. The company filed bankruptcy on July 6, 2021 under Chapter 11 case number 21-11255.

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