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Brazilian airline Azul hires financial advisor for debt talks

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·1 min read
Airplanes of Brazilian airline Azul are seen at the Pampulha airport after the company suspended several flights, amid a coronavirus disease (COVID-19) outbreak, in Belo Horizonte
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SAO PAULO (Reuters) - Brazilian airline Azul SA <AZUL.N> said on Wednesday it has hired restructuring firm Galeazzi & Associados to work with the carrier "during this period of crisis."

Galeazzi previously worked with Azul's cargo subsidiary before the coronavirus pandemic hammered the air travel sector, Azul said in a statement, adding that the contract had been expanded to a wider advisory role.

Galeazzi did not immediately respond to a request for comment.

Brazilian newspaper O Estado de S. Paulo reported earlier on Wednesday that Galeazzi will help Azul to renegotiate around 15 billion reais ($2.9 billion) in debt to creditors and suppliers.

On Tuesday, Azul said its controlling shareholder, David Neeleman, who also founded JetBlue Airways <JBLU.O>, sold most of his preferred shares to pay margin calls on personal loans with the shares as collateral.

(Reporting by Tatiana Bautzer; Editing by Alexander Smith and Paul Simao)