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
Globus Airlines Globus Airlines Globus Airlines () is a Russian airline based at Domodedovo International Airport owned by East Line Group and operating for S7 Airlines. The airline was founded in the spring of 2008 by S7 Airlines, a major Russian airline, based in Novosibirsk for charter flights. Globus started operations shortly thereafter with a Tupolev Tu-154M, which was previously in use at the parent company. Another Tupolev Tu-154M and the first Boeing 737–400 were transferred from S7 Airlines to Globus later in the first year of operation, followed by second-hand Boeing 737–800 aircraft. By December 2008, less than a year after