Brazilian airline Azul expects its restructuring will reduce its leasing costs by “approximately R$5.4bn” (US$1.1bn) to 2027 “and beyond”. The savings, the company believes, should see its leverage ratio, measured as net debt to the previous 12 months’ EBITDA, decrease by 0.6x from 5.2x to 4.6x. Discussing what it said were its obligations “with certain lessors and OEMs [original equipment manufacturer]”, Azul said on May 15 that the agreements “contemplate”  eliminating lease payment obligations that were deferred during the Covic-19 pandemic, permanently reducing lease payments from previously agreed rates to “agreed-upon” current market rates, deferring “certain payments to lessors and

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