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Financial News: AZUL: Company Sells 10 Airplanes And Reduces Debt

AZUL: Company Sells 10 Airplanes And Reduces Debt By R$ 325 Million

10/11/2017 - 15:08:00 (RTTNews)

(RTTNews) - Brazilian air company Azul Linhas Aéreas announced the sale of ten ATR 72-600 aircraft to Denmark's Nordic Aviation Capital (NAC), leading to a R$ 325 million (US$ 102.5 million) reduction in the company's total debt.

In a statement, the Brazilian airline said that out of the ten aircraft sold, five units would leave its fleet in the last quarter of 2017 and five in the first half of 2018. The agreement with Nordic also includes the delivery of three new aircraft ATR 72-600 under leasing still in 2017.

"We will continue to fly with the ATRs as they help us explore new markets and regional routes," said John Rodgerson, Azul's CEO. "As we expand our network, it is natural that part of our ATRs will be replaced by larger, more modern aircraft. Our strategy is to have the right aircraft for the right market, and we have already identified several markets that are ready to receive larger aircraft."

Azul also said that the decision to sell the aircraft is in line with the company's strategy of optimizing the fleet, switching from aircraft to more seating capacity and efficiency. The company expects to increase its seat offerings between 11% and 13% this year.

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