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Azul S.A. (B3:AZUL4; OTC:AZULQ) provided an update Monday on the progress of its ongoing Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of New York. According to a press release statement, a hearing was held Friday to consider several motions filed by the company.
The motions include requests to extend the exclusivity periods for filing and voting on the company’s reorganization plan, as well as to extend the deadline to assume or reject non-residential real estate leases. Azul is also seeking approval for procedures to improve the review and reconciliation of claims, to maintain confidentiality and redact sensitive information, and to amend, assume, or reject certain aircraft and engine lease agreements. Additionally, the company requested authorization to enter into or amend financing agreements with strategic counterparties and to expand the scope of services provided by its independent auditors.
These motions, which remain subject to court approval, are intended to provide Azul with additional time and flexibility to negotiate with stakeholders, align its fleet and financial obligations with its business plan, optimize claims management, and protect sensitive information during the reorganization process.
Azul stated that it will continue to inform shareholders, customers, crew members, and the market of all material developments in the restructuring process in accordance with applicable laws and regulations.
The information in this article is based on a press release statement and the company’s filing with the U.S. Securities and Exchange Commission.
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