Azul launches $145 million bid for Avianca Brazil assets

Darren Wood
By Darren Wood May 14, 2019 14:35

Azul launches $145 million bid for Avianca Brazil assets

Brazilian airline Azul is looking to pickup the assets from bankrupt Avianca Brazil.

Azul has filed a petition with a bid for the acquisition of a new isolated productive unit (UPI) for a minimum bid price of US$145 million.

The new UPI consists of certain slot pairs of Avianca Brazil, including flights for the shuttle service between São Paulo and Rio de Janeiro.

In a statement, Azul said: “The company believes that the sale of this single new UPI will provide Avianca Brazil’s employees, customers, creditors, and other interested parties, a legal and legitimate alternative to maintain its business as a going concern in light of the rapid deterioration of the company’s activities.

“The New UPI also provides for a real competitive alternative to the significant market concentration that exists today in the shuttle service between São Paulo and Rio de Janeiro.”

Avianca Brazil filed for bankruptcy in December 2018.

Darren Wood
By Darren Wood May 14, 2019 14:35