Brazil airline Azul files for bankruptcy protection in US

Azul has filed for Chapter 11 bankruptcy successful the United States. Photo: Mariana SUAREZ / AFP/File
Source: AFP

Brazil's biggest hose by fig of flights and destinations, Azul, announced Wednesday it had filed for bankruptcy extortion successful the United States to effort restructure indebtedness arising from the pandemic and from proviso concatenation issues.

Azul said that it would proceed flying "as normal" done the Chapter 11 process, which gives companies extortion from creditors portion they reorganize their finances nether judicial supervision.

It said cardinal stakeholders, including United Airlines, American Airlines and craft leasing elephantine AerCap had committed to astir $1.6 cardinal successful financing to assistance destruct implicit $2 cardinal successful debt.

Once the restructuring is completed, it volition purpose to rise $950 cardinal successful equity financing.

Founded successful 2008, Azul says it operates astir 1,000 flights a time to implicit 160 destinations.

Its main Brazilian rival Gol filed for Chapter 11 bankruptcy successful the United States successful January 2024.

Source: AFP