Brazilian entrepreneur and Azul Linhas Aéreas founder David Neeleman has maintained his 4% stake in the company following a major restructuring that reduced his shareholding by nearly 90%.
The process, which helped Azul avoid filing for Chapter 11—a U.S. bankruptcy protection mechanism that often shifts company control to creditors—allowed the airline to eliminate $1.6 billion in debt and strengthen its financial position.
The restructuring included a $525 million capital injection, debt-to-equity conversion, the issuance of new shares, and the transformation of preferred shares into common stock, as reported by our partner media outlet, Aeroin.
With these changes, Azul, which currently has 340 million shares, will be able to expand its capital to between 2.4 billion and 3 billion common shares, depending on the conversion price. The process is expected to be completed within one to two years.
As a result, bondholders are expected to own up to 80% of the company, while managers and preferred shareholders will hold approximately 11.5%.
Azul’s executive team will control 3% of the shares and may receive up to an additional 2%, subject to achieving future targets, including a potential merger with Gol Linhas Aéreas.
Additionally, Azul plans to issue new shares to raise at least $200 million, with the possibility of Neeleman increasing his stake through new investments.
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