Varig Logística Group had acquired a controlling majority share holdings of Varig Logistica. Between June 2007 and June 2009 Varig Log maintained an operational agreement with FedEx in Brazil. Germán Efromovich (Synergy Group) gave up to buy the airline in 2011. On 3 February 2011 the company suspended its operations and on 27 September 2012 it was declared bankrupt. As of March 2011, VarigLog operated services to the following scheduled destinations: As of December 2011 the fleet of VarigLog included the following aircraft: Varig Logística Varig Logística S.A., operating as VarigLog, was a cargo airline, based in Jardim Aeroporto, Campo Belo, São
Airline air carriers, to rescheme an airlines assets into a profitable organization or liquidating an air carrier of their profitable and worthwhile routes and business operations. Thus the last 50 years of the airline industry have varied from reasonably profitable, to devastatingly depressed. As the first major market to deregulate the industry in 1978, U.S. airlines have experienced more turbulence than almost any other country or region. In fact, no U.S. legacy carrier survived bankruptcy-free. Among the outspoken critics of deregulation, former CEO of American Airlines, Robert Crandall has publicly stated: "Chapter 11 bankruptcy protection filing shows airline industry deregulation was