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Bond Market News
Azul Denies Chapter 11 Plans
August 30, 2024
Azul’s CEO John Rodgerson said that the company was not planning to file for Chapter 11 bankruptcy protection, denying earlier reports which suggested that the company was considering options ranging from an equity offering to filing for Chapter 11. This comes after the company reported a net loss of $706mn in the previous quarter whilst also raising its net debt forecast, citing the Brazilian real’s weakness. The CEO said that the earlier reports were “misinterpreted” and that Azul was financially healthy and in “friendly negotiations” with its partners, including aircraft lessors.
Despite the clarification, Azul’s 10.875% 2030s dipped by 11 points to trade at 61 cents on the dollar.
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