Azul Files for Chapter 11 Bankruptcy Protection in US (4)

Azul SA filed for bankruptcy, the latest major Brazilian airline to seek protection from creditors after struggling for more than a year with higher expenses and the lingering impact of the pandemic on the aviation sector.

The carrier started a voluntary restructuring in the US under Chapter 11, including about $1.6 billion in financing, Azul said in a filing on Wednesday. The company aims to shed more than $2 billion in debt and receive about $950 million in new capital contributions upon exit, it said.

Once the restructuring process is complete, Azul said it will repay the financing with proceeds ...