Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) concluded its voluntary financial restructuring process in the United States under Chapter 11 of the bankruptcy code, the airline said in a February 20 market notification.

The airline exited the restructuring after it had repaid in full, on this same date, the debtor-in-possession financing and settled its public offering of shares. Azul’s new share capital amounts to BRL21.7 billion reals (USD4.2 billion) divided into 54 trillion registered common shares.

The Brazilian carrier’s restructuring allowed it to reduce loans and financing debt by approximately USD1.1 billion and aircraft lease debt by nearly 40%, and raise approximately USD1.375 billion through the issuance of senior notes and USD950 million in equity commitments from interested parties like American Airlines, United Airlines, and AerCap.

Following the emergence from Chapter 11, Azul “remains focused on delivering high-quality service to its customers,” with a diversified business model which includes the operation of cargo and tourism units, as well as its loyalty program, it said in the market notice.

Azul was the last of Brazil’s three major carriers, after LATAM Airlines Brasil through parent company LATAM Airlines Group, and GOL Linhas Aéreas Inteligentes, to complete Chapter 11 restructuring in the current decade.

The airline’s fleet comprises over 170 aircraft spread between its mainline, its regional carrier Azul Conecta, and its cargo business line Azul Cargo Express, which does not have a separate AOC.