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
Azerbaijan Airlines Azerbaijan Airlines Azerbaijan Airlines (), also known as AZAL, is the flag carrier and largest airline of the country of Azerbaijan. Based in Baku, adjacent to Heydar Aliyev International Airport, the carrier operates to destinations across Asia, the CIS, Europe and the USA. Azerbaijan Airlines is a member of the International Air Transport Association. The airline was founded on 7 April 1992 as the first national airline established after the country gained its independence. In 1990, Azerbaijan announced that it was setting up its own airline, and that it would be independent of Aeroflot, the long-time provider of air services