{"id":167883,"date":"2024-08-30T12:00:18","date_gmt":"2024-08-30T12:00:18","guid":{"rendered":"https:\/?p=167883"},"modified":"2024-08-30T20:55:36","modified_gmt":"2024-08-30T20:55:36","slug":"brazil-airline-azul-not-weighing-chapter-11-bankruptcy-protection","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2024\/08\/brazil-airline-azul-not-weighing-chapter-11-bankruptcy-protection.html","title":{"rendered":"Brazil airline Azul not weighing Chapter 11 Bankruptcy Protection"},"content":{"rendered":"\n

Azul Linhas A\u00e9reas Brasileiras is not planning on filing for Chapter 11 bankruptcy protection, the airline’s CEO told Reuters<\/a>, contradicting reports which caused the carrier’s shares to nosedive on Thursday.<\/p>\n\n\n\n

Bloomberg reported on Wednesday Azul was considering options ranging from an equity offering to filing for Chapter 11 in the United States in order to address its debt obligations.<\/p>\n\n\n\n

The report was “misinterpreted,” the company responded in a filing, as its Brazil-listed shares sank 24%.<\/p>\n\n\n\n

CEO John Rodgerson said in an interview that Azul was financially healthy and in “friendly negotiations” with its partners, including aircraft lessors, due to the depreciation of Brazil’s real.<\/p>\n\n\n\n

\u2192 LATAM to resume international flights from Porto Alegre in January<\/a><\/em><\/strong><\/p>\n\n\n\n

The real has weakened around 14% against the U.S. dollar so far this year.<\/p>\n\n\n\n

A number of Latin American airlines have undergone Chapter 11 bankruptcy proceedings after the COVID-19 pandemic disrupted travel, including Aeromexico, Avianca, LATAM Airlines and most recently Azul’s direct competitor in Brazil, Gol.<\/p>\n\n\n\n

Azul said on Thursday it was in “active talks” with stakeholders as part of a previously announced plan to overhaul its equity structure.<\/p>\n\n\n\n

It added that options included a structure to use its cargo business as collateral for up to $800 million, which had already been set up.<\/p>\n\n\n\n

Azul could also tap into credit links from the national development bank, it said.<\/p>\n\n\n\n

After the filing, Azul’s shares briefly trimmed their losses to about 18%, but closed on Thursday down 24%. They are now down nearly 70% so far this year.<\/p>\n\n\n\n

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