Togut Segal & Segal LLP is pleased to announce the successful restructuring of Azul Linhas Aéreas Brasileiras S.A. and its affiliated debtors. Azul, one of Brazil’s largest airlines by number of departures and cities served, commenced its Chapter 11 cases on May 28, 2025 and on July 16, 2025, seeking a comprehensive restructuring to strengthen its balance sheet and positioned the company for long-term operational stability. On December 19, 2025, Judge Sean H. Lane, United States Bankruptcy Judge for the Southern District of New York, entered an order confirming the company’s overwhelmingly consensual plan of reorganization. On February 20, 2026, Azul completed its restructuring and emerged from bankruptcy.
Togut Segal & Segal served as restructuring co-counsel in connection with Azul’s Chapter 11 cases, with Davis Polk & Wardwell as lead counsel. The consummation of Azul’s plan has resulted in a significant deleveraging, enhanced the company’s liquidity and operational profile and preserved the jobs of over 15,000 Azul crewmembers.
Azul is the largest airline in Brazil measured by cities served and direct domestic routes, with more than 800 daily flights to 137 destinations. With a fleet of approximately 200 aircraft, Azul operates a network of 250 direct routes. Azul’s flight network also includes select international destinations.
