Varig services to Varig. Year-long discussions to merge Varig with TAM Airlines ended unsuccessfully in 2004 and the same year Varig fell to third place in the Brazilian domestic market share, behind TAM and Gol. VARIG applied to the Commercial Bankruptcy and Reorganization Court in Rio de Janeiro on , for the commencement of "judicial reorganization" proceedings pursuant to the New Bankruptcy and Restructuring Law of Brazil (Law 11.101). The request was granted on 22 June 2005. VARIG continued to provide services despite its financial troubles. In order to raise funds, the Bankruptcy and Reorganization Court decided to sell two of
South Pacific Airlines of New Zealand South Pacific Airlines of New Zealand South Pacific Airlines of New Zealand (SPANZ) was a New Zealand airline, operating between 1960 and 1966. It is regarded as a forerunner to Ansett New Zealand. SPANZ was founded in 1960 by Bob Anderson and Rex Daniell, who had formerly been pilots for NAC, the state airline of the time. The Australian airline Ansett-ANA was a major shareholder. SPANZ was established in direct competition with NAC, although the airline's policy to link larger secondary towns. The New Zealand aviation industry at the time was highly regulated in favour of the state carrier, and