FOOTER

Azul to buy Avianca Brasil’s assets

, Azul to buy Avianca Brasil’s assets, Buzz travel | eTurboNews |Travel News

Azul S.A, the largest airline in Brazil by number of departures and destinations, announces today that it has signed a non-binding agreement with Avianca Brasil to acquire certain assets of Avianca Brasil for the indicative purchase price of up to US$ 105 million.

As provided by the Brazilian Bankruptcy and Judicial Reorganization Law, the assets will be transferred to a new entity free and clear of all debts and liabilities. The proposed NewCo solely includes certain assets selected by Azul including Avianca Brasil’s operating certificate, 70 pair of slots and approximately 30 Airbus A320 aircraft.

The offer is non-binding and remains subject to a number of conditions precedent, including due diligence, regulatory and creditors approvals, and the conclusion of Avianca Brazil’s judicial reorganization. Azul estimates that the process could take up to three months to be concluded.

Azul will keep the market informed of any relevant developments.

, Azul to buy Avianca Brasil’s assets, Buzz travel | eTurboNews |Travel News

Author: Chief Assignment Editor

Chief Assignment Duty Editor based in Honolulu

, Azul to buy Avianca Brasil’s assets, Buzz travel | eTurboNews |Travel News