Azul files for US bankruptcy protection
Brazil based airline Azul has formally filed for Chapter 11 bankruptcy protection in the US.
It issued a securities filing this week, aiming to restructure over $2 billion of debt.
There is a commitment of $1.6 billion in financing as well as up to $950 million in equity financing after exiting Chapter 11.
The airline says it has agreements with existing bondholders, lessor AerCap, and airline partners United Airlines and American Airlines to help support its restructuring.
The airline’s financial issues date back to the Covid era shutdown.
“We had too much debt on the balance sheet that principally came from Covid. We now have an opportunity to clean it all up,” said CEO, John Rodgerson.
Azul had been exploring a merger with Gol, and it is unclear how the bankruptcy filing will affect this.
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