Varig Varig VARIG (acronym for Viação Aérea RIo-Grandense, "Rio Grandean Airways") was the first airline founded in Brazil, in 1927. From 1965 until 1990, it was Brazil's leading airline, and virtually its only international one. In 2005, Varig went into judicial re-organisation, and in 2006 it was split into two companies – Flex Linhas Aéreas, informally known as "old" Varig, heir to the original airline and now defunct, and "new" Varig, a new company fully integrated into Gol Airlines. "Sociedade Anônima Empresa de Viação Aérea Rio-Grandense – VARIG" was the first national airline established in Brazil. It was founded on in
Nordeste Linhas Aéreas Regionais of this process, the airline was divided into two portions, informally known as "old" Varig and "new" Varig. "Old" Varig was judicially known as Viação Aérea Rio-grandense. "New" Varig, judicially known as VRG Linhas Aéreas, is a new airline formed with some assets of the original Varig and which was auctioned on 14 July 2006. The legal procedures were finalized on 20 July 2006. Since that day VRG Linhas Aéreas and Viação Aérea Rio-grandense have been different judicial entities and airlines. At the time of the auction, the assets of VRG Linhas Aéreas comprised the brands Varig and Rio Sul,