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
Flagship Airlines Flagship Airlines Flagship Airlines was a regional airline headquartered on the grounds of Nashville International Airport in Nashville, Tennessee. Flagship Airlines traced its origins to Air Virginia, a commuter and regional feeder air carrier, which later changed names to AVAir. AVAir had rapidly declined into bankruptcy following the AVAir Flight 3378 tragedy. AMR Corporation founded Nashville Eagle out of the assets of AVAir and Air Midwest. Flagship Airlines was formed by the merger of Command Airways into Nashville Eagle on June 1, 1991. Flagship operated for American Airlines under the American Eagle brand name. The airline served the East Coast