Azul Linhas Aereas Brasileiras emerged from Chapter 11 bankruptcy proceedings in the United States after its court approved plan of reorganisation became effective.
The Brazilian carrier concluded its restructuring after it repaid in full its debtor in possession financing and completed its public offering of shares.
Azul restructuring secured €720.8m in new equity investments including contributions from existing bondholders and €84.8m from United Airlines.
It executed a commitment with American Airlines for an additional 84.8m although this remained subject to antitrust approval and raised €1,166m in new exit notes.
The airline reduced loans financing debt and lease liabilities by €2,120m compared with pre Chapter 11 levels and completed its restructuring in less than nine months.
John Rodgerson shared “The process has materially strengthened our balance sheet and positioned the airline for long-term stability. We are emerging from Chapter 11 with the support of some of the most respected financial and strategic partners in global aviation.”
