Varig Varig's subsidiaries: After two unsuccessful attempts to auction the airline as a whole, the bankruptcy court decided to split the airline in two different judicial entities, informally known as "old" Varig and "new" Varig: Since , the former "Viação Aérea Rio-Grandense S/A" was judicially known as "Nordeste Linhas Aéreas S/A", and operated under the brand-name Flex Linhas Aéreas. On 18 August 2009, the National Civil Aviation Agency of Brazil renewed the authorization of Flex to operate non-regular passenger, cargo and postal services. Therefore, Flex operated flights on behalf of other airlines, as contracted. Between 17 June 2005 and 2 September
Varig Embraer. The administration of Ozires Silva, which lasted for only 2.5 years, started with major restructuring in the company, aiming at making Ruben Berta Foundation more powerful and the President-Director weaker. Also, on , all cargo operations were united under a new airline named VarigLog. Even so, the airline presented at the end of the year, for the first time in its history Exposed Net Assets of BRL148.6 million - that is, the amount of debits was greater than the amount of credits and assets. One year later, it would reach BRL523 million. In 2001, Varig saw the birth of