"The liquidation probability for Varig has risen to nearly 50 percent ... with a shutdown now possible as early as June

," wrote J.P. Morgan Securities analysts after a bankruptcy court accelerated to June 5 an auction for all or parts of the troubled Brazilian carrier. "This probability now rivals the scenario that Varig continues to operate at roughly half its 2005 capacity levels." American Airlines' CEO has said his carrier would benefit greatly from a Varig shutdown; AA cooperates with Brazil's TAM.