Voepass Files for Bankruptcy Protection Amid Operational Suspension and Financial Strain
This marks the second bankruptcy protection request filed by the company. The filing does not include compensation claims related to the August 2024 crash in Vinhedo, in the interior of São Paulo state.
Voepass Linhas Aéreas announced on Wednesday that it has filed a bankruptcy protection request in a bid to reorganize its financial obligations and reinforce its capital structure. The filing was submitted Tuesday to the São Paulo State Court, which confirmed receipt of the request.
“In light of the challenges the company has faced in recent months, this was the only way to execute a comprehensive restructuring and ensure that Voepass can once again provide essential air service for Brazil’s development,” said José Luiz Felício Filho, CEO of Voepass Linhas Aéreas, in a statement.
This marks the airline’s second bankruptcy filing, following a previous request between 2012 and 2017. During that period, Voepass claims to have stabilized its operations and finances, transporting over 2.7 million passengers in the last three years, according to affiliate outlet Aeroin.
“If the court grants the new bankruptcy protection request, all of Voepass's liabilities will be frozen and renegotiated based on a detailed plan to be developed to address creditor needs,” the company explained.
In its statement, Voepass described the move as a “continuation of the financial restructuring process” that began in February this year, with the goal of ensuring financial sustainability and maintaining its mission of connecting Brazil’s interior regions with major aviation hubs.
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The current filing does not cover compensation claims related to the August 2024 crash in Vinhedo, São Paulo state, which resulted in 62 fatalities. The airline emphasized that these claims are being handled directly by its insurance provider.
Voepass also highlighted the challenging landscape facing regional aviation in Brazil, marked by shrinking access to air travel in the country’s interior.
Operations Suspended
Since early March, Voepass operations have been suspended by Brazil’s National Civil Aviation Agency (ANAC) due to regulatory noncompliance. As a result, the airline is prohibited from operating any flights.
“The suspension will remain in effect until the company corrects nonconformities in its management systems as outlined in the regulations,” ANAC stated.
In response, Voepass said it is committed to resuming operations as soon as possible: “Since receiving ANAC’s notification in March, Voepass has cooperated fully and transparently with the regulator, providing all required technical and operational documentation, with a focus on safety and resuming service promptly.”
LATAM's Role in Voepass Crisis
In its court filing, Voepass also named LATAM as one of the contributors to its financial difficulties. The two airlines had a codeshare agreement, allowing them to sell tickets for each other's flights.
Despite some positive negotiations, Voepass claimed it was blindsided by ANAC’s indefinite flight suspension, which further exacerbated its already fragile financial situation. The company alleges that breaches of contract by LATAM and its interference in Voepass’s operations hindered cash flow and led to mounting liabilities.
LATAM Brasil, for its part, stated that it ended the commercial partnership primarily due to the crash of Voepass Flight 2283 on August 9, 2024, and noted that Voepass no longer holds a valid Air Operator Certificate (COA) due to the ANAC suspension. LATAM said this restriction justifies the termination of the partnership, as it prevents Voepass from conducting passenger operations.
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