Company expects to reduce debt and achieve leverage of 2.5 times with completion of the Chapter 11 process
Azul released this Thursday (23.Oct.2025) an updated business plan as part of its restructuring process under Chapter 11, a mechanism in the United States. According to the document, the company expects to ensure a significant improvement in its financial health and is preparing to leave the process in the coming weeks.
According to the statement, the plan details the air network, operating capacity and new cost reduction estimates obtained during the recovery. Here is it (PDF – 203 KB).
Azul says it hopes to emerge “as a significantly healthier airline”with less debt and lower liabilities and aircraft lease payments. The goal is to achieve a net leverage of 2.5 times at the end of the process.
The company also reported that it has ongoing negotiations with aircraft and engine manufacturers, as well as fleet lessors, but said it is confident that the agreements will be concluded soon.
In the document, Azul also presented preliminary and unaudited consolidated financial data for the 3rd quarter of 2025. According to the company, the numbers were prepared only to meet the requirements of Chapter 11 and should not be directly compared to regular financial statements.
The company reiterated that it will continue to communicate with the market about the progress of the process, “in full compliance with applicable laws and regulations”. The plan’s information and materials are available on Azul’s Investor Relations website and on the page dedicated to restructuring.
Azul operates more than 800 daily flights to 137 destinations and has a fleet of around 200 aircraft. It was classified by Cirium as the 2nd most punctual airline in the world in 2023.
In August, the airline published the financial statement for the 2nd quarter of 2025 with an adjusted R$475.8 million, a 29% drop compared to the loss of R$669.7 million in the same period of the previous year.
In January 2025, Azul and the Abra group, Gol’s controller, signed a memorandum of understanding that could lead to the merger of the companies.
However, Open negotiations in September sent Azul a request to terminate the agreements.
