Here's a little more info:
From Travel Weekly:
Varig changes CEO, to suspend N.Y.-Sao Paulo (8/20/2002)
NEW YORK -- Brazilian airline Varig changed its leadership Aug. 19 amid continuing financial troubles caused in part by the country's troubled currency, and service on its New York-Sao Paulo route will be suspended at the end of this month, a spokesman said.
That service is scheduled to resume Dec. 1 for peak season, and the rest of the airline's current service to Los Angeles, Miami and New York is scheduled to continue uninterrupted, he said. Varig pays 5% uncapped.
Arnim Lore, who had been financial director for Varig regional subsidiary Rio Sul, was named the company's chief executive Aug. 19, replacing Ozires Silva. The airline is trying to reduce about $900 million in long-term debt and bring in new capital, the spokesman said.