Varig Varig's subsidiaries: After two unsuccessful attempts to auction the airline as a whole, the bankruptcy court decided to split the airline in two different judicial entities, informally known as "old" Varig and "new" Varig: Since , the former "Viação Aérea Rio-Grandense S/A" was judicially known as "Nordeste Linhas Aéreas S/A", and operated under the brand-name Flex Linhas Aéreas. On 18 August 2009, the National Civil Aviation Agency of Brazil renewed the authorization of Flex to operate non-regular passenger, cargo and postal services. Therefore, Flex operated flights on behalf of other airlines, as contracted. Between 17 June 2005 and 2 September
Varig Logística The negotiation was concluded in June 2006, after strict regulatory approval, particularly concerned with the participation of foreign capital, limited by Brazilian laws to 20%. In July 2006, Volo bought its one-time parent Varig (the "new" Varig, founded in 2005) but less than one year later Varig was divested from the Volo group, when on 28 March 2007 Gol Linhas Aéreas Inteligentes, the parent company of budget carrier Gol Transportes Aéreos, purchased Varig for US$320 million. In March 2008, there were reports of asset transfers between (LC) VARIG Logistica and (JW) Arrow Air as Arrow Air Cargo was also being