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
Indigo Airlines (American airline) alternatives to regular airline travel. The company was the originator of two new categories of corporate jet air travel service: per seat, high frequency and the public or commercial corporate jet. Indigo priced its service between its first city pair Chicago and New York City close to a so-called unrestricted coach class fare. The venture was backed by the American Express Corporation, which owned approximately 12% of Indigo's capital structure. Former American Express CEO Harvey Golub, now Chairman of Sentient Jet, led the Indigo investment and marketing agreement. Indigo's inventory was marketed and sold through American Express' Travel Related Services