Brazil airline Azul completes payment deal with lessors, OEMs
© Reuters. FILE PHOTO: A plane of Brazilian airline Azul SA logo is seen at Sao Jose dos Campos, Brazil September 12, 2019. REUTERS/Roosevelt Cassio/File PhotoSAO PAULO - Brazilian airline Azul has completed restructuring obligations it had with most of its lessors and equipment manufacturers, part of a broader shake-up that also saw the carrier delay debt maturities and raise additional capital.
The arrangement had been initially announced in March, when the carrier said it had agreed to give lessors and original equipment manufacturers equity and tradable debt in exchange for lower payments. The airline estimated the restructuring will reduce lease payments by more than 1 billion reais per year going forward.
Sao Paulo-traded shares of Azul closed at 14.48 reais on Friday, up 31.5% so far this year but still far below pre-pandemic levels, when they traded above 60 reais in early 2020.
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