Varig signed a six-month consultancy contract with Lufthansa Consulting for its reorganization and restructuring. Following the filing of an application for the protection of creditors at the bankruptcy court, the airline must develop an appropriate restructuring plan within 60 days as well as a related business plan and submit those to the court. If the court accepts the plans, the implementation phase must be completed within a maximum of 120 days thereafter. The project agreement with ...

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