Azul Granted Access to $250 Million DIP Financing at First-Day Chapter 11 Hearing

MT Newswires Live05-31

Azul (AZUL) said Friday it has obtained court approval to immediately access $250 million of its $1.6 billion debtor-in-possession financing related to its voluntary Chapter 11 petitions filed in the US on Wednesday.

The company said it has received interim court approvals for all of the first-day motions it has filed.

The financing, combined with other court approvals and revenue generated from the company's ongoing operations, will provide sufficient liquidity to support its continued operations, Azul said.

The second-day hearing to consider Azul's requested relief on a final basis is scheduled for July 9, the company said.

Shares of the company were up 2.3% in recent trading.

Price: 0.50, Change: +0.01, Percent Change: +2.33

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