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Bond Market News
Azul Inching Closer to Deal with Lessors
September 16, 2024
Brazilian airline Azul is said to be inching closer to a new deal with its lessors, as per sources. This comes after the company had agreed to to pay off ~$600mn in debt by offering its lessors equity. Under this framework, a source said that equity stake offered to lessors would would be worth nearly 20% of Azul. The latest update comes after rumors that Azul was considering filing for Chapter 11 bankruptcy protection. However, the company later clarified that it was not true and now reports suggest that a majority of Azul’s lessors have already signaled they would agree to the debt payout plan.
Azul’s dollar bonds however, have continued to trend lower with its 10.875% 2030s down by ~4 points over the last two trading days, to trade at 58 cents on the dollar.
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