Brazil's Azul to file for Chapter 11 bankruptcy protection: report
The move would make the carrier the latest in a series of Latin American airlines to file for bankruptcy in the aftermath of the depression the industry suffered in the initial months of the COVID-19 pandemic.
Azul's move would follow in the footsteps of Aeromexico, Colombia-based Avianca and its two largest rivals, Gol and LATAM Airlines, all of which succumbed to bankruptcy proceedings in recent years.
Azul last year struck a deal with lessors to scrap $550 million in debt in exchange for an equity stake of around 20%, as well as one with bondholders to raise additional financing, but its balance sheet remained severely pressured.
Azul's net debt soared 50% year-on-year by the end of the first quarter to 31.35 billion reais ($5.56 billion), with its leverage ratio hitting 5.2, up from 3.7 a year earlier.
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an hour ago
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