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
Business Express Airlines Business Express Airlines Business Express Airlines , often referred to as Business Express or BizEX, was an American regional airline founded as Atlantic Air in 1982. In an effort to appeal to its predominantly business commuter clientele, the airline assumed the Business Express name in 1985. In 1986 Pilgrim Airlines (Groton/New London), which itself had acquired NewAir (New Haven) about a year prior, was acquired by the airline. This opened the valuable New York and Washington, D.C. markets. Shortly thereafter, Business Express became one of Delta Air Lines's first Delta Connection carriers, along with Atlantic Southeast Airlines, Comair and SkyWest