White & Case advises Azul Airlines on successful chapter 11 restructuring

Global law firm White & Case LLP advised Azul S.A., a leading Brazilian airline, on the successful completion of its comprehensive financial restructuring under chapter 11 of the US Bankruptcy Code. The restructuring, which concluded on February 20, 2026, was overseen by the United States Bankruptcy Court for the Southern District of New York. White & Case acted as special fleet counsel, leading Azul's negotiations and restructuring efforts with its aircraft and engine lessors, lenders, manufacturers and servicers.

The restructuring was implemented through agreements with Azul's main creditors, including holders of the company's debt securities, its largest aircraft lessor AerCap and strategic investors United Airlines, Inc. and American Airlines, Inc. Key outcomes included a reduction of debt and lease obligations by approximately US$2.5 billion, a reduction of loans and financing debt by approximately US$1.1 billion, and a capital raise of approximately US$1.375 billion through the issuance of senior notes and US$950 million in equity commitments.

The process was completed in less than nine months and achieved Azul's key objectives of strengthening its capital structure, increasing liquidity and substantially reducing indebtedness. Following its emergence from chapter 11, the company remains focused on disciplined and sustainable growth, maintaining operational excellence and delivering high-quality service to its customers.

The White & Case team was led by Asset Finance partner Todd Wolynski (New York) and counsel Brian Schmelkin (Miami). Core team members included associates Rosa Llamo (Miami), Beatriz Barros (São Paulo), Leo Colle, Adam Conwell and Merve Soylu, and law clerk Zachary Train (all in New York). The team also included partners David Hille, Jennifer Glasser (both in New York) and Richard Kebrdle (Miami); counsel Ric Graham and senior staff attorney Stephen Ludovici (both in New York).

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