08/29/2024 – 16:38
Azul SA said on Thursday it has developed a new strategic plan to improve its capital structure and liquidity in response to the current economic challenges it has been facing. The statement came after reports suggested Azul may be considering a stock offering and seeking Chapter 11 protection from creditors in the U.S. The company says the reports were misinterpreted.
In a material fact disclosed to the Brazilian Securities and Exchange Commission (CVM), the company reported that it is in negotiations with its main stakeholders to optimize the equity structure, following last year’s capital optimization plan. “Stakeholders are showing support and negotiations are moving forward towards better results for all parties. As we have consistently demonstrated, Azul always favors friendly and commercial solutions that maximize value for all its stakeholders,” it states.
Azul also reported that it has additional capacity to raise funds, using Azul Cargo as primary guarantee, of up to US$800 million, in addition to other sources of liquidity, recalling that the Brazilian Congress recently approved a law that facilitates airlines’ access to credit lines with support from the National Civil Aviation Fund (FNAC).
The company also reported that it is in talks with Grupo Abra, Gol’s controlling shareholder, about possible partnerships or mergers with the company, but that no agreement has been signed to date.
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