Aviation
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Agreement
Azul renegotiates 90% of its debts in leases
Airbus A320neo
CC BY-SA 2.0, via wikimedia commons
Rafael Ramos
3/6/2023
Azul Linhas Aéreas renegotiated its BRL 3.8 billion in debt related to aircraft leasing. These debts mature in 2023 and represent 90% of the total leasing amounts. According to the company's CFO, Alex Malfitani, the amount represents 80% of the company's nominal gross debt.
In addition, the company owes R$ 700 million to the banks.
The airline accumulated this amount in debt during the pandemic. At the worst moment of the crisis, Azul reached a contract to postpone payment for leased aircraft.
Upon renegotiation, the lessors will receive a negotiable bond maturing in 2030 and priced shares.
The news was disclosed yesterday (5) as a restructuring plan for the company. According to the company, the action should improve the capital structure, as well as deliver 100% of the combined value to the lessors.
Prior to the announcement, on Friday, risk rating agency Fitch downgraded the company's long-term issuer default rating (IDRs) in foreign and local currencies. At the same time, the agency downgraded the rating of Azul Investments LLP's unsecured notes.
Airbus A320neo
Image: Airbus
Airbus A320neo
Image: Airbus
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Rafael Ramos
Aviation enthusiast from an early age, he had his first contacts with the area developing that good old habit of spending dozens of hours in front of the screens of Micrsoft Flight Simulator and other simulators. With a solid background in various technological areas, including engineering and chemistry, Rafael has rejoined aviation as editor and author of articles and materials on our portal, providing invaluable help to the dynamics and expansion of the website and the aeronautical community, bringing us the news and updates so indispensable for us to remain current in our area of operation.
   
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