Brazil’s Azul Tries To Exit Crisis By Turning Dollar Debt Into New Shares

Key Points Azul’s R$7.44 billion ($1.38bn) share offer is mainly a debt-to-equity conversion, not a cash injection for day-to-day flying. The numbers are extreme: 723,861,340,715 common shares and 723,861,340,715 preferred shares, priced so low that investors buy in “baskets,” plus a bonus instrument for each share subscribed. The move follows U.S. Chapter 11 court approval […]