United and American Airlines have each committed $100 million to recapitalize struggling Brazilian carrier Azul once it emerges from Chapter 11 bankruptcy protection.
According to documents filed Wednesday with the U.S. Securities and Exchange Commission, United’s investment will be made through a previously disclosed public equity offering, while American will provide backing with a subscription of warrants, a type of long-term security.
Azul also entered into an additional investment agreement with existing creditors that will make another $100 million available, the filing stated.
Company officials wrote that the cash infusions will “strengthen Azul’s capital structure” and support operations after it emerges from bankruptcy.
Azul is headquartered near São Paulo and serves dozens of destinations within Brazil. It also offers medium- and long-haul service to Argentina, Paraguay, Uruguay, Curaçao, Western Europe, and the U.S., specifically Orlando and Fort Lauderdale, Florida.
The airline filed for bankruptcy in 2025, citing rising costs. Its reorganization plan is being overseen by the U.S. Bankruptcy Court for the Southern District of New York.
In December, the court approved Azul’s debt restructuring, which included permission to raise capital from United, American, and other investors.
