Manuel Guedes. New interim president of Varig

Manuel Guedes was appointed new interim president of Varig, the Brazilian airline, following the resignation of Armin Lore who stepped down after the foundation that controls the company rejected a plan to cut a deal with its creditors.

At the same time, the Brazilian government said it’s willing to consider a streamlining plan for Varig, a company now mired in a debt of some $760 million.