Despite filing for Chapter 11, Azul's has introduced air travel to millions of Brazilians

It's fair to conclude that Azul tried extremely hard to avoid Chapter 11 bankruptcy protection. But despite two major out-of-court restructurings of its balance sheet over the course of the last two years, Azul now has encountered the same fate as LATAM and GOL.

Unlike some airlines elsewhere around the globe that have recently sought Chapter 11, Azul doesn't have a flawed business model. Using a diversified fleet, the airline has introduced air travel to millions of Brazilians by opening up new markets unavailable to its competitors.

Azul's decision to restructure, in some ways, reflects the inherent paradox of doing business in Brazil - opportunities abound, but challenges are just as abundant.