Latest news with #Voepass
Yahoo
23-04-2025
- Business
- Yahoo
Brazilian airline Voepass files for bankrupcty, blames LATAM for financial woes
By Luciana Magalhaes SAO PAULO (Reuters) - Brazil's Voepass, a privately held airline, filed for bankruptcy protection late on Tuesday according to court documents, citing the actions of Chile-based LATAM Airlines as a major reason for its financial crisis. Voepass, which claims a total debt of about 209.2 million reais ($36.78 million), has been facing difficulties since one of its planes crashed near Sao Paulo in August 2024, killing all 62 people on board. In documents seen by Reuters, the regional airline - which has a codeshare agreement with LATAM - accused the carrier of exerting significant influence over their commercial relationship and failing to meet financial obligations. LATAM declined to comment. According to the legal documents filed by Voepass, LATAM suspended operations of four Voepass ATR aircraft used for the codeshare agreement and withheld payments following the 2024 crash. "Despite this dispute already being the subject of arbitration, the fact is that LATAM has always exercised enormous administrative interference in the management of Voepass' business," the airline said in the court filing. Voepass had previously undergone bankruptcy proceedings between 2012 and 2017, during which it restructured its operations and finances. The carrier's operations were suspended in March by Brazilian aviation regulator ANAC, which cited safety concerns. Voepass in a statement said it was focused on resuming them as soon as possible. ($1 = 5.6884 reais) Sign in to access your portfolio
Reuters
23-04-2025
- Business
- Reuters
Brazilian airline Voepass files for bankrupcty, blames LATAM for financial woes
SAO PAULO, April 23 (Reuters) - Brazil's Voepass, a privately held airline, filed for bankruptcy protection late on Tuesday according to court documents, citing the actions of Chile-based LATAM Airlines ( opens new tab as a major reason for its financial crisis. Voepass, which claims a total debt of about 209.2 million reais ($36.78 million), has been facing difficulties since one of its planes crashed near Sao Paulo in August 2024, killing all 62 people on board. In documents seen by Reuters, the regional airline - which has a codeshare agreement with LATAM - accused the carrier of exerting significant influence over their commercial relationship and failing to meet financial obligations. LATAM declined to comment. According to the legal documents filed by Voepass, LATAM suspended operations of four Voepass ATR aircraft used for the codeshare agreement and withheld payments following the 2024 crash. "Despite this dispute already being the subject of arbitration, the fact is that LATAM has always exercised enormous administrative interference in the management of Voepass' business," the airline said in the court filing. Voepass had previously undergone bankruptcy proceedings between 2012 and 2017, during which it restructured its operations and finances. The carrier's operations were suspended in March by Brazilian aviation regulator ANAC, which cited safety concerns. Voepass in a statement said it was focused on resuming them as soon as possible. ($1 = 5.6884 reais)
Yahoo
14-03-2025
- Business
- Yahoo
LATAM Airlines in talks to end agreement with Voepass as soon as July, sources say
By Luciana Magalhaes SAO PAULO (Reuters) - LATAM Airlines is seeking to terminate its codeshare agreement with Brazilian regional carrier Voepass as early as the second half of this year, according to two people familiar with the matter. The move would deliver another blow to Voepass, which is already facing a potential bankruptcy protection process, after Brazil's aviation regulator earlier this week suspended the company's operations on safety concerns, months after a deadly crash. Discussions on terminating the agreement have been underway for months, the sources said. While a final decision has not yet been made and no contract has been signed, the talks have narrowed to a potential agreement termination window between July and October, although the dates remain subject to change, one of the people said. LATAM declined to comment. Voepass did not immediately respond to a request for comment. LATAM does not disclose its sales numbers through codeshare deals. Its partnership with Voepass is one of a total of 18 agreements. Voepass generates a significant portion of its revenue from the partnership, with an estimated 97% of ticket sales coming from LATAM, according to a third source familiar with the numbers. Brazilian aviation regulator ANAC's decision to suspend Voepass' operations came around seven months after a Voepass ATR-72 crashed near Sao Paulo, killing all 62 people on board. Newspaper Folha de reported in February that LATAM had informed Voepass that it would not renew their partnership beyond August, without citing sources. A Brazilian court earlier this year granted Voepass judicial protection, temporarily shielding the airline from creditors and preventing the seizure of its aircraft. Voepass, formerly known as Passaredo, has accumulated a debt of 215 million reais ($36.97 million); it alleges that part of it is due to late payments by LATAM. One of the two people familiar with Voepass' situation said the airline is now more likely to pursue bankruptcy protection in the near term, as its flights have been halted. Although a formal timeline has not been established, preliminary discussions are underway, with April emerging as a possible timeframe for the move, the person said. Even before the airline's suspension by the regulator, one of the sources had told Reuters that LATAM was concerned about safety issues at Voepass and associated reputational risks, motivating its desire to sever ties with the company. Following ANAC's decision, Voepass said in a statement that its operational fleet was capable of conducting flights in accordance with safety standards and the halt was going to impact thousands of people. ANAC said it had identified systematic non-compliance with the requirement. ($1 = 5.8151 reais) Sign in to access your portfolio
Reuters
12-03-2025
- Business
- Reuters
LATAM Airlines in talks to end agreement with Voepass as soon as July, sources say
SAO PAULO, March 12 (Reuters) - LATAM Airlines ( opens new tab is seeking to terminate its codeshare agreement with Brazilian regional carrier Voepass as early as the second half of this year, according to two people familiar with the matter. The move would deliver another blow to Voepass, which is already facing a potential bankruptcy protection process, after Brazil's aviation regulator earlier this week suspended the company's operations on safety concerns, months after a deadly crash. Discussions on terminating the agreement have been underway for months, the sources said. While a final decision has not yet been made and no contract has been signed, the talks have narrowed to a potential agreement termination window between July and October, although the dates remain subject to change, one of the people said. LATAM declined to comment. Voepass did not immediately respond to a request for comment. LATAM does not disclose its sales numbers through codeshare deals. Its partnership with Voepass is one of a total of 18 agreements. Voepass generates a significant portion of its revenue from the partnership, with an estimated 97% of ticket sales coming from LATAM, according to a third source familiar with the numbers. Brazilian aviation regulator ANAC's decision to suspend Voepass' operations came around seven months after a Voepass ATR-72 crashed near Sao Paulo, killing all 62 people on board. Newspaper Folha de reported in February that LATAM had informed Voepass that it would not renew their partnership beyond August, without citing sources. A Brazilian court earlier this year granted Voepass judicial protection, temporarily shielding the airline from creditors and preventing the seizure of its aircraft. Voepass, formerly known as Passaredo, has accumulated a debt of 215 million reais ($36.97 million); it alleges that part of it is due to late payments by LATAM. One of the two people familiar with Voepass' situation said the airline is now more likely to pursue bankruptcy protection in the near term, as its flights have been halted. Although a formal timeline has not been established, preliminary discussions are underway, with April emerging as a possible timeframe for the move, the person said. Even before the airline's suspension by the regulator, one of the sources had told Reuters that LATAM was concerned about safety issues at Voepass and associated reputational risks, motivating its desire to sever ties with the company. Following ANAC's decision, Voepass said in a statement that its operational fleet was capable of conducting flights in accordance with safety standards and the halt was going to impact thousands of people.
The Independent
11-03-2025
- The Independent
Brazilian authorities suspend the airline involved in last year's crash that killed 62
Brazil's aviation agency on Tuesday suspended the operating license for local airline Voepass, citing security risks as an investigation continues into a crash in August that killed all 62 people on board. One of the company's six planes crashed outside Sao Paulo as signs of ice buildup mounted on its wings. Brazilian authorities in October ordered Voepass to make changes including increasing ground time for maintenance and changing administrators. Four months later, an update showed the situation had not improved. The aviation agency noted "Voepass' inability to solve irregularities identified during the supervision, as well as the violation of previously established conditions for the continuity of the operation within the required safety standards.' It said the suspension will continue until the airline conforms with regulations. The company did not comment on the decision. Voepass offers regional flights in 15 cities in Brazil. Investigators say the pilots of the plane that crashed in August reported failure in the system to remove ice from the plane. They were careful to avoid calling that the cause of the accident and stressed that more investigation was needed. ____
