Latest News

Brazil's Azul decreases $1.6 bln in financial obligation as it concludes reorganizing process

Brazilian airline company Azul said on Tuesday it has actually completed a debt restructuring process relating to monetary commitments with shareholders, suppliers and airplane lessors, according to a securities filing.

Azul stated the procedure consisted of the termination of almost $ 1.6 billion in financial obligation from its balance sheet, while it likewise raised $525 million in fresh money.

The company said that, with the conclusion of the talks, its financial leverage determined by a net financial obligation to EBITDA ratio falls to 3.4 times from 4.8 times.

Azul, which this month signed an

contract to explore

talks for a merger with competing Gol, stated the reorganizing measures reduced its interest payments expected for this year by almost 1 billion reais ($ 170.7 million).

We are really positive relating to Azul's future, Chief Executive John Rodgerson stated in a press declaration, adding the airline company anticipates to get 15 new Embraer's E2 jets during the year.

(source: Reuters)