Brazilian airline Varig canceled many international services scheduled through 28 June

while it pursues bankruptcy court approval for an employee group's plan to purchase the company, according to published reports. J.P. Morgan Securities analysts said the employee group's plan "appears to afford little of what Varig truly needs ... significantly reduced costs; a sizable capital injection to fix broken aircraft and settle salaries, jet fuel and airport fees; and a non-employee management team capable of winning back the trust of Brazilian travelers."