A US bankruptcy court has given its approval for Brazilian airline Azul to enter into new aircraft and engine lease agreements, via investment and management company Elevate Capital Partners.
The US Bankruptcy Court for the Southern District of New York approved the letters of intent, which included two A330-200 aircraft leased from GPFC Ireland, one A330-200 and one CF6-80E1A4/B engine, both leased from First Star Speir Aviation.
The leases are part of Azul's fleet renewal and restructuring plan under its ongoing Chapter 11 bankruptcy process.
Last month, Azul secured court approval to restructure its aircraft and engine leases. The airline assumed leases for one A320neo and four A330-900s, while returning two A330-900s, one A330-200, and one E190-200. The airline will also return two E190-200s to ICBC Leasing.
The company was also ordered to return one Pratt & Whitney PT6A-140 engine — used on Cessna aircraft — to engine lessor Willis Lease. This return was effective September 3, 2025. Azul had 23 Cessna aircraft as of the end of June 2025.
Additionally, fellow Brazilian carrier Gol Linhas Aereas Inteligentes ended merger discussions with Azul on September 25. The two airlines' codeshare agreement, announced in May, is now terminated.
Azul filed for Chapter 11 bankruptcy in May, with it later receiving court approval for $1.6bn in debtor-in-possession (DIP) financing and its agreement with AerCap, including the rejection of multiple lease and contracts. Azul aims to reduce its debt by over $2bn.