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Murray News

Gol parent says merger still on track despite Azul restructuring

Abra Group CEO Adrian Neuhauser says both airlines are cleaning up their capital structures, paving way for possible merger

 

 

 

 

06/03/2025 

Adrian Neuhauser, CEO of Abra Group—the holding company that controls Gol and Avianca—said the group remains interested in airline consolidation in Brazil. According to Mr. Neuhauser, Azul’s recent decision to file for Chapter 11 bankruptcy protection in the U.S. does not alter Abra’s plans to pursue a potential merger between the two Brazilian carriers.

“We made public a memorandum of understanding [MOU] outlining a potential tie-up between Gol and Azul, and we also submitted that MOU for regulatory approval,” Mr. Neuhauser said during a panel at an event hosted by the International Air Transport Association (IATA) in New Delhi. He emphasized that the group still sees a clear opportunity for consolidation.

Mr. Neuhauser noted that both carriers have similar financial structures and are now working to clean up their balance sheets. “Gol is expected to exit Chapter 11 this week,” he said. “We’re happy to see Azul making progress in its restructuring, and we hope that opens the door to consolidation, which is something we intend to pursue.”

During the panel, Mr. Neuhauser was asked whether Latin America’s airline industry might see further restructurings. The region has been marked by several high-profile bankruptcy cases in recent years, including Avianca, Latam, Gol, Aeroméxico, and now Azul.

Mr. Neuhauser responded that such restructurings were a natural outcome in Latin America, where airlines received far less government support compared to their peers in the U.S. and Europe—where public funds helped sustain operations during crises.

“That’s why we saw them all go through restructuring one after another. But we don’t expect more large carriers in the region to go through this. That cycle is behind us,” he said.

After prolonged but unsuccessful attempts to restructure its debt through direct negotiations with creditors last year, Azul announced on May 28 that it had filed for Chapter 11. Through the process, the airline aims to restructure roughly R$35 billion in debt with creditors and investors.

However, Azul entered bankruptcy proceedings with a secured debtor-in-possession (DIP) financing package worth $1.6 billion. It also secured about $950 million in exit financing commitments from bondholders and strategic partners, including American Airlines and United.

With these guarantees and advanced negotiations, Azul has indicated that it expects a swift process.

During its first hearing at the New York bankruptcy court overseeing its case, Azul informed Judge Sean H. Lane that it anticipates a confirmation hearing for its Chapter 11 exit plan to be held on December 28. If approved, the company expects to emerge from bankruptcy within 90 days—by March 2026.

The confirmation hearing is one of the final stages in the Chapter 11 process, during which the court must approve the airline’s restructuring plan.

*IATA covered the reporter’s travel expenses.

*By Cristian Favaro, Valor — New Delhi

Source: Valor International

https://valorinternational.globo.com/

3 de June de 2025/by Gelcy Bueno
Tags: Gol parent, merger still on track despite Azul restructuring
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