Willkie Represents Unsecured Creditors’ Committee in Azul S.A.’s Successful Chapter 11 Restructuring

Willkie Farr & Gallagher represented the Official Committee of Unsecured Creditors in Azul S.A.’s chapter 11 restructuring in the United States Bankruptcy Court for the Southern District of New York. The transaction involved Azul S.A.’s chapter 11 proceeding, culminating in confirmation of a reorganization plan on December 19, 2025, and Azul’s emergence from bankruptcy on February 20, 2026. Azul’s plan of reorganization was structured around three separate restructuring support agreements and a settlement with the Official Committee of Unsecured Creditors. The confirmed plan substantially deleveraged the company, enhanced liquidity and operations, preserved vendor relationships and maintained over 15,000 Azul crewmember jobs. After months of negotiations, the Committee secured a material settlement on the treatment of unsecured creditors that was instrumental to confirmation of the plan and Azul’s exit from chapter 11. The settlement improved on the treatment contemplated by Azul’s prepetition restructuring support agreements (which would have provided unsecured creditors no distributions) by creating a trust for the benefit of unsecured creditors. The trust was funded with valuable assets, including warrants and a contingent value right that may provide material future distributions to unsecured creditors, and the settlement also provided certain cash payments to some unsecured creditors. Azul is Brazil’s largest airline by cities served and direct domestic routes, operating more than 800 daily flights to 137 destinations with a fleet of approximately 200 aircraft and a network that includes about 250 direct routes and select international service. Willkie Farr & Gallagher represented the Official Committee of Unsecured Creditors with a team composed by: Brett H. Miller (restructuring partner); Todd M. Goren (restructuring partner); James H. Burbage (restructuring partner); Donald Burke (litigation partner); Craig Damast (counsel); Joseph Brandt (associate); Zachary Charlton (associate); Marine Loison (associate); Jessica Flynn (associate); Alexandra Hough (law clerk).

Menu

Willkie Represents Unsecured Creditors’ Committee in Azul S.A.’s Successful Chapter 11 Restructuring

Read the full story

Menu

Willkie Represents Unsecured Creditors’ Committee in Azul S.A.’s Successful Chapter 11 Restructuring

Read the full story

Cookie Preferences

Strictly Necessary

Analytics & Statistics

Marketing & Ads