(RTTNews) - AZUL S.A. (AZUL) has entered into Restructuring Support Agreements with its key financial stakeholders, including its existing bondholders; largest lessor, AerCap; and strategic partners, United Airlines and American Airlines, to effectuate a proactive reorganization process. To implement the Agreements, which include a commitment of approximately $1.6 billion in financing throughout the process, elimination of over $2.0 billion of debt and contemplate further equity financing of up to $950 million upon emergence, Azul is using the Chapter 11 process in the United States.
"AerCap has signed a support agreement with its longstanding partner Azul. As the airline moves through its restructuring process, we are very confident Azul will emerge stronger than ever," said Aengus Kelly, CEO of AerCap.
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