Varig Varig VARIG (acronym for Viação Aérea RIo-Grandense, "Rio Grandean Airways") was the first airline founded in Brazil, in 1927. From 1965 until 1990, it was Brazil's leading airline, and virtually its only international one. In 2005, Varig went into judicial re-organisation, and in 2006 it was split into two companies – Flex Linhas Aéreas, informally known as "old" Varig, heir to the original airline and now defunct, and "new" Varig, a new company fully integrated into Gol Airlines. "Sociedade Anônima Empresa de Viação Aérea Rio-Grandense – VARIG" was the first national airline established in Brazil. It was founded on in
Varig 2009, "old Varig" remained in Recovery Order in the 1st Business Court of Rio de Janeiro, under the leadership of Judges Luiz Roberto Ayoub and Miguel Dau. After the bankruptcy protection was lifted, the administration of the airline could have returned to its original owner, Fundação Ruben Berta, which still owed 87% of the shares of Varig. However, Fundação Ruben Berta preferred to keep a judicial administrator. In September 2006 "old" Varig sold its participation in PLUNA (49% of the shares) to the Uruguayan Government. On , Varig Brazilian Airlines ("old" Varig) was suspended from membership in Star Alliance for