=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/11/25/f= inancial0919EST0018.DTL ---------------------------------------------------------------------- Monday, November 25, 2002 (AP) Board of Brazil's largest airline quits (11-25) 06:19 PST SAO PAULO, Brazil (AP) -- The entire board of Varig, Brazil's largest airline, has quit following a dispute with the foundation that controls the company's stock over debt renegotiation. The board quit after the nonprofit Rubem Berta foundation rejected a deal to renegotiate $900 million in debt, an airline spokesman said Monday. Varig was trying to reach an agreement with Brazil's development bank, BNDES, and other creditors to pay down debt and return to profitability. The move creates an impasse in the renegotiation of the airline's debt, the spokesman said. Lore was trying to get $500 million from BNDES. But BNDES president Eleazar de Carvalho said last week that the bank wouldn't approve such a move until the the foundation, Varig's majority shareholder, surrendered control. =20 ---------------------------------------------------------------------- Copyright 2002 AP