Brazilian discount airline Azul has emerged from Chapter 11 bankruptcy protection following a nine-month restructuring.
During its reorganization, the carrier raised $850 million in new equity, including $100 million from United Airlines, a codeshare and loyalty program partner.
American Airlines has also agreed to invest $100 million in Azul, pending regulatory approval.
Azul said it reduced loan and financing debt by $1.1 billion during the restructuring and reduced the annual interest it pays on loans and financing by more than 50%.
"This is a defining milestone for Azul," CEO John Rodgerson said. "In just under nine months, we completed a comprehensive restructuring that has materially strengthened our balance sheet and positioned Azul for long-term stability. We are emerging from Chapter 11 with the support of some of the most respected financial and strategic partners in global aviation."
Azul served more than 130 destinations across 250 routes in 2025 and this month is the third-largest airline by seat count on Brazilian domestic routes, trailing Latam and Gol, according to Cirium flight data. Operations continued during the restructuring.
The airline flies four U.S. routes, connecting Sao Paolo with Fort Lauderdale and Orlando; Belo Horizonte with Orlando; and Belem with Fort Lauderdale. It has a fleet of 175 parked and in-service aircraft, according to Planespotters.net, including 10 in-service widebodies.