Brazil airline Azul (Azul Linhas Aéreas Brasileiras) has finally exited its Chapter 11 bankruptcy restructuring and confirmed it won’t restart merger talks with Gol.
The airline stated it has new share capital of $4.2 billion.
It has been able to reduce debt by more than $1 billion as well as aircraft leasing debt.
In addition, it has equity commitments from both American Airlines and United Airlines.
As a result, Azul will implement a codeshare agreement with American.
It already has a codesharing arrangement with minority investor United Airlines.
Azul received fresh investments of US$100 million each from American and United.
They now have a combined 8% shareholding in the company.
Azul’s fleet numbers more than 170 aircraft.
CEO John Rodgerson confirmed Azul has no intention of restarting talks with Gol of the previously planned airline merger
