 When Varig entered Chapter 11 bankruptcy protection on , it sought a bidder for its 49% stake in PLUNA.For almost a year, it looked as if it might go to Venezuela's state-run Conviasa, but the deal officially fell through in .On , the Government of Uruguay started negotiations to sell 75% of it shares to a private consortium of investors from Germany, United States, Uruguay and Argentina called Leadgate Investment, a subsidiary of Latin American Regional Aviation Holding Corporation (LARAH), that committed to inject  million in the company.