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Viacao Aerea Rio Grandense SA (Varig), Latin America's biggest airline, plans to renegotiate its debt and cut staff by 13 per cent by next year in a plan to exit bankruptcy protection. The airline, which presented its plan yesterday to a Rio de Janeiro state judge, also intends to create a new company that will control some assets of its units Nordeste, Rio Sul and Varig, the airline said in a statement. Varig plans to sell shares in the new company and use the proceeds to pay debt and make investments in new businesses, chairman David Zylberstajn told reporters in Rio de Janeiro. Varig, which is responsible for most of Brazil's international flights, has 120 days to get the creditor committee to approve the plan, said Charles Gruenberg, a bankruptcy lawyer in Sao Paulo. VAGV4 (Sao Paulo) rose 4 centavos to 1.3 reals. Bloomberg

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