Azul Exits U.S. Chapter 11 as American and United Take 8% Stakes, CEO Charts Disciplined Growth

Overview

• The nine‑month process cut roughly $2.5 billion from loans and lease obligations and brought in about $850 million in new equity, the company said.
• American Airlines and United Airlines invested $100 million each and are set to hold 8% apiece, with American's stake subject to CADE approval.
• Chief executive John Rodgerson said growth will be measured with capacity centered on hubs in Campinas, Confins and Recife.
• Rodgerson pledged renewed investment in customers after the crisis years, as Azul carried a record 32 million passengers in 2025 while reorganizing.
• Management flagged unprecedented leverage during the downturn, noted interest expenses should fall by more than 50% with lease costs down about one third, and outlined a more dispersed ownership and a new strategic committee that includes John Slattery.