Varig received just one bid at yesterday's bankruptcy auction, a BRL1.01 billion ($446.4 million) offer during the second round from a consortium of employees, well below the minimum bid for just the domestic routes, which was $700 million (ATWOnline, May 22).The bankruptcy court judge said he would take a day to decide whether to approve the sale anyway. A $75 million deposit would be required, the Associated Press reported. The judge also may liquidate the carrier. There will not be another auction.

The employee group, NV Participacoes, is composed of pilots and flight attendants financing their bid with $125 million in cash, according to Bloomberg News. The rest would come from claims against Varig for wages, pensions, etc.

Reuters reported that TAM, Gol and OceanAir were among five groups that offered bids during the auction's first round but none reached the minimum. NVP was the only bidder during the second round.