Azul emerges from Chapter 11 with strengthened financial position
Azul announced (25-Feb-2026) the completion of its voluntary financial restructuring process and emergence from Chapter 11 conducted before the US Bankruptcy Court with the following financial key achievements:
- USD850 million of new equity investments, including from existing bondholders and USD100 million from United Airlines;
- Execution of a commitment with American Airlines for an incremental USD100 million equity investment;
- USD1.375 billion of new exit notes;
- Reduction of loans and financing debt and lease liabilities by USD2.5 billion;
- Reduction of annual interest paid on loans and financing by over 50%;
- Reduction of fleet debt by 36% and aircraft leasing costs by 33.3%. [more - original PR]
Background ✨
Azul's US Bankruptcy Court-approved plan progressed through a court-approved disclosure statement and a USD650 million backstop, before receiving unanimous voting creditor support and final court approval.1 2 It subsequently priced a USD1.4 billion exit financing, with Moody's and Fitch assigning B2 and expected B- ratings, respectively.3 4 Regulatory clearance enabled United Airlines' USD100 million share subscription (settling 20-Feb-2026), while American Airlines' USD100 million warrant investment remained subject to Brazil CADE approval.5 6