Brazil's Azul reduces $1.6b in debt as it concludes restructuring process

Brazilian airline Azul said on Tuesday it has finalized a debt restructuring process regarding financial obligations with bondholders, suppliers and plane lessors, according to a securities filing. Azul said the process included the termination of almost $1.6b in debt from its balance sheet, while it also raised $525m in fresh money. The firm said that, with the conclusion of the talks, its financial leverage measured by a net debt to EBITDA ratio falls to 3.4 times from 4.8 times. Azul, which this month signed an agreement to explore talks for a merger with rival Gol, said the restructuring measures reduced its interest payments expected for this year by almost 1b reais ($170.7m). "We are very optimistic regarding Azul's future," CE John Rodgerson said in a press statement, adding the airline expects to receive 15 new Embraer's E2 jets during the year.<br/>