Commercial Aviation
Azul Airlines Exits Bankruptcy with $2.5B Debt Reduction and New US Investment
Azul Airlines exits Chapter 11 bankruptcy after reducing $2.5B debt and securing $2.3B capital including investments from United and American Airlines.
This article summarizes reporting by Reuters and data from official company filings. The original Reuters report may be paywalled; this article summarizes publicly available elements and public remarks.
Brazilian carrier Azul S.A. formally exited Chapter 11 bankruptcy proceedings in the United States on February 20, 2026, marking the conclusion of a nine-month financial restructuring process. According to reporting by Reuters and official securities filings, the airline has successfully eliminated approximately $2.5 billion in debt and lease obligations while securing significant new equity from major US partners.
The exit positions Azul as the final major Latin American carrier to complete a post-pandemic restructuring, following similar processes by LATAM, Avianca, and Gol. With a leaner balance sheet and renewed capital, the airline has stated it will now pivot from stabilization to strategic growth, specifically targeting demand for the upcoming 2026 FIFA World Cup.
The restructuring plan, approved by the U.S. Bankruptcy Court for the Southern District of New York, focused heavily on debt-for-equity swaps and renegotiating contracts without grounding flights. According to summary data regarding the exit, the airline raised approximately $1.375 billion in new debt through Senior Notes and $950 million in new equity capital.
A key component of this financial overhaul involves direct Investment from two of the world’s largest airlines. United Airlines and American Airlines have each invested $100 million into the reorganized carrier. As a result of these capital injections, both US carriers now hold an approximate 8.5% stake in Azul.
In a statement regarding the company’s outlook, CEO John Rodgerson emphasized the carrier’s renewed stability.
“We have emerged significantly strengthened and are positioned for long-term stability and sustainable growth.”
, John Rodgerson, CEO of Azul S.A. (via press statements)
The restructuring also achieved an estimated 50% reduction in annual interest payments compared to pre-filing levels, significantly improving the airline’s cash flow profile. While the financial engineering took place in court, Azul implemented strict operational adjustments to improve efficiency. The airline simplified its fleet by returning approximately 20 older generation Commercial-Aircraft, primarily Embraer E195-E1s, to lessors. This move is intended to lower maintenance costs and increase average aircraft utilization across its remaining operational fleet of approximately 170 jets.
Network adjustments were equally aggressive. The carrier cut roughly 50 unprofitable routes to concentrate resources on high-margin domestic hubs, such as Viracopos in Campinas, and key international connections. Despite these cuts, Azul reported carrying a record 32 million customers in 2025 and ranked as the fourth most on-time airline globally.
The simultaneous investment by United Airlines and American Airlines is a notable development in the Latin American aviation market. Typically, US carriers align exclusively with specific partners to feed their respective alliances (Star Alliance and oneworld). The fact that both major US competitors have taken significant equity stakes in Azul underscores the strategic importance of the Brazilian domestic market.
Furthermore, this dual investment suggests that Azul may remain independent rather than merging with a rival like Gol, a possibility that had been speculated upon during the restructuring process. By securing capital from competing US giants, Azul maintains leverage and connectivity options across multiple international networks.
Looking ahead, Azul is aligning its network strategy with the 2026 FIFA World Cup, which will be hosted across the United States, Canada, and Mexico. The airline plans to reinforce flight schedules to the US to capture the anticipated surge in passenger demand between Brazil and North America.
S&P Global Ratings has issued a positive outlook for the airline, citing expectations for capacity expansion and sound operating performance in 2026. The company continues to trade under the ticker AZUL (B3: AZUL4) and its ADRs on the NYSE.
Sources: Reuters, MarketScreener, S&P Global Ratings
Azul Airlines Exits Chapter 11 Bankruptcy with $2.5 Billion Debt Reduction and New US Investment
Financial-Results Restructuring Details
Operational Changes and Fleet Optimization
AirPro News Analysis
Strategic Outlook: World Cup 2026
Frequently Asked Questions
Photo Credit: Airbus
Route Development
Guwahati Airport Terminal 2 Opens, Quadruples Passenger Capacity
Guwahati Airport’s new Terminal 2 starts operations, increasing capacity to 13.1 million passengers and enhancing connectivity in Northeast India.
This article is based on an official press release from Adani Group and additional data from public reporting.
Commercial operations officially began today, February 22, 2026, at the new Integrated Terminal (Terminal 2) of Lokpriya Gopinath Bordoloi International Airport (LGBIA) in Guwahati, Assam. According to an official press release from Adani Airport Holdings Ltd (AAHL), the new facility increases the airport’s annual passenger handling capacity from 3.4 million to 13.1 million, marking a significant shift in the aviation infrastructure of North East India.
The terminal, which was inaugurated by Prime Minister Narendra Modi on December 20, 2025, is designed to serve as the primary aviation gateway to Southeast Asia. The project represents a total investment estimated at ₹5,000 crore (approximately $600 million), with the terminal building alone accounting for over ₹1,600 crore. The transition to the new facility addresses long-standing congestion issues at the airport, which serves as the central hub for the region.
In a statement regarding the operational launch, the Adani Group emphasized that the expansion is not merely a capacity upgrade but a strategic development to bolster connectivity for Assam and its neighboring states. The operator, Guwahati International Airport Limited (GIAL), a subsidiary of AAHL, confirmed that the old terminal (Terminal 1) will now be repurposed into a dedicated cargo hub to support regional trade.
The operationalization of Terminal 2 introduces a massive scale-up in infrastructure. The total terminal area has expanded from approximately 20,000 square meters to 140,000 square meters. This physical expansion supports a drastic increase in processing capabilities, designed to handle the projected growth in air traffic over the coming decades.
According to data provided in the press release and project reports, the new terminal features significant upgrades across all passenger touchpoints:
Jeet Adani, Director of Adani Airport Holdings Ltd, highlighted the collaborative effort behind the project.
Today is more than a commercial milestone. It is a proud moment for the people of Assam and the North-East… This achievement belongs to the countless hands and hearts that turned vision into reality.
, Jeet Adani, Director, Adani Airport Holdings Ltd
The architecture of Terminal 2, designed by Nuru Karim of NUDES, is marketed as India’s first “nature-themed” airport terminal. The design explicitly references local culture, utilizing the “Bamboo Orchid” theme inspired by the kopou phool (foxtail orchid) and the bholuka bamboo native to Assam. Sustainability was a core component of the construction brief. The structure incorporates over 140 metric tonnes of bamboo, paying homage to the structural traditions of the Apatani tribe. Inside, the terminal features a “Sky Forest”, an indoor rainforest installation housing nearly 100,000 indigenous plants. The facility also integrates passive cooling systems, extensive natural lighting, and water recycling capabilities to minimize its environmental footprint. These features contributed to the design winning the International Architecture Award 2025.
The Guwahati terminal demonstrates how world-class airport infrastructure can be delivered swiftly while remaining deeply rooted in local identity.
, Gautam Adani, Chairman, Adani Group
With a capacity of 13.1 million passengers, Guwahati (LGBIA) has solidified its position as the undisputed aviation hub of the North East. For comparison, nearby airports such as Imphal and Agartala handle approximately 1.5 to 2 million passengers annually. The expansion allows Guwahati to act as a spoke-and-hub center, feeding traffic to smaller regional airports while maintaining direct connections to major metros and international destinations.
Currently, the airport connects to 21 domestic destinations and 3 international routes (Bangkok, Singapore, and Paro). The increased runway capacity and immigration facilities are expected to attract more international carriers, specifically targeting Southeast Asian markets.
The opening of Terminal 2 at LGBIA represents a critical maturation point for the privatization of Indian airports. Since the Adani Group took over operations in October 2021, the focus has shifted toward maximizing non-aeronautical revenue and expanding capacity ahead of demand curves.
While the aesthetic and capacity upgrades are substantial, the repurposing of Terminal 1 for cargo is perhaps the more economically significant move for the region. North East India has historically suffered from logistics bottlenecks; a dedicated air cargo hub in Guwahati could significantly lower transit times for perishable goods and export products from Assam, potentially transforming the economic landscape of the state beyond just tourism.
Guwahati Airport’s New Terminal 2 Commences Operations, Quadrupling Capacity
Infrastructure and Capacity Upgrades
Key Operational Metrics
Design and Sustainability: The “Bamboo Orchid” Theme
Strategic Importance for North East India
AirPro News Analysis
Frequently Asked Questions
Sources
Photo Credit: Adani
Route Development
Ethiopian Airlines to Open Three New Domestic Airports in April 2026
Ethiopian Airlines will inaugurate three new domestic airports and start passenger flights by April 2026, expanding its network to 26 airports.
This article is based on an official press release from Ethiopian Airlines.
Ethiopian Airlines has announced plans to inaugurate three new domestic airports and launch scheduled passenger services to these destinations by mid-April 2026. The expansion will see the addition of Negele Borena, Gore Metu, and Debre Markos to the carrier’s route map, further solidifying its position as the largest network operator in Africa.
According to the airline, the new services will operate thrice weekly to each destination. This move increases Ethiopian Airlines’ domestic network to 26 airports, following the inauguration of Yabello airport as its 23rd domestic destination in 2025. The expansion aligns with the carrier’s broader strategy to enhance internal air connectivity and support regional economic integration.
The three new airports are geographically distributed to serve distinct regions of the country. Negele Borena is located in the southern Oromia region, a key area for pastoralist communities and cross-border trade. Gore Metu serves the southwestern region, known for its dense forests and coffee production in the Illubabor Zone. Debre Markos is situated in the northwest Amhara region, a historical trade and administrative center.
Ethiopian Airlines Group CEO Mesfin Tasew emphasized the role of air transport in national development. In the press release, Tasew stated:
“The inauguration of these three new airports, along with the commencement of passenger services, represents a major milestone for Ethiopian Airlines and for the nation as a whole. This expansion reflects our steadfast commitment to enhancing connectivity within Ethiopia and serves as a powerful driver of economic growth and regional development.”
The airline confirmed that infrastructure renovation and enhancement remain a priority as it integrates these new stations. The flights are expected to facilitate easier movement for business, tourism, and social visits, reducing travel time significantly compared to road transport in these mountainous and remote areas.
This expansion underscores Ethiopian Airlines’ aggressive pursuit of its “Vision 2035” strategy, which aims to position the group as a top 20 global aviation competitor while maintaining a robust multi-hub system in Africa. While the carrier is globally recognized for its international long-haul fleet, its domestic network remains the backbone of its hub-and-spoke model at Addis Ababa Bole International Airport.
By connecting secondary and tertiary cities like Debre Markos and Negele Borena, the airline is not only feeding traffic into its international network but also stimulating local economies. The choice of Gore Metu is particularly notable for the coffee industry, potentially expediting the transport of high-value cash crops and business travelers in the southwest. Similarly, Negele Borena’s inclusion strengthens links to the southern borderlands, an area often challenged by long road travel times. The airline’s leadership views domestic connectivity as a tool for social inclusion. Tasew highlighted the broader mission behind the new routes:
“Our mission is to build an inclusive and integrated air transport network that empowers communities, unlocks economic opportunities, and supports national development by making safe, reliable, and efficient air travel accessible to all.”
The carrier continues to utilize a mix of aircraft for its domestic operations, which typically includes the De Havilland Q400 turboprop fleet, well-suited for the highland terrain and shorter runways characteristic of Ethiopia’s regional airports.
When do flights to the new airports begin? How frequent will the new flights be? How many domestic destinations does Ethiopian Airlines serve?
Airlines to Inaugurate Three New Domestic Airports in April 2026
Network Expansion Details
AirPro News Analysis
Executive Vision
Frequently Asked Questions
Passenger services to Negele Borena, Gore Metu, and Debre Markos are scheduled to commence by mid-April 2026.
Ethiopian Airlines plans to operate three weekly flights to each of the three new destinations.
With the addition of these three airports, the total number of domestic destinations will rise to 26.
Sources
Photo Credit: Ethiopian Airlines
Aircraft Orders & Deliveries
DAE Capital Nears Acquisition of Macquarie AirFinance Aircraft Lessor
DAE Capital is finalizing a deal to acquire Macquarie AirFinance, expanding its fleet and securing key aircraft delivery slots amid industry consolidation.
This article summarizes reporting by Reuters.
Dubai Aerospace Enterprise (DAE) Capital is reportedly in the final stages of negotiations to acquire a controlling stake in Dublin-based lessor Macquarie AirFinance. According to exclusive reporting by Reuters on February 22, 2026, the Dubai-based giant has emerged as the leading contender in a competitive bidding process, potentially solidifying its status as one of the world’s premier aviation lessors.
The potential transaction highlights the intense consolidation currently reshaping the global aircraft leasing sector. As supply chain constraints continue to plague major manufacturers, established lessors are increasingly turning to Mergers and Acquisitions to secure fleet growth and valuable delivery slots.
Sources close to the matter told Reuters that DAE Capital is “closing in” on an agreement to purchase the controlling interest in Macquarie AirFinance. The deal follows a strategic review by Macquarie Group, which reportedly engaged JP Morgan to explore options for the business, including a potential sale.
The bidding process reportedly attracted significant interest from other major players in the Middle East, underscoring the region’s growing dominance in aviation finance. Reuters notes that DAE competed against:
While the final terms have not been publicly disclosed, the acquisition targets the ownership stakes currently held by Macquarie Asset Management (50%), the PGGM Infrastructure Fund (25%), and the Australian Retirement Trust (25%).
According to the Reuters report, DAE Capital is “closing in” on a deal to acquire a controlling stake in the Dublin-based lessor.
If completed, this acquisition would represent a significant expansion for DAE Capital, which has pursued an aggressive growth strategy in recent years. By integrating Macquarie AirFinance’s portfolio, DAE would cement its position within the top tier of global aircraft lessors.
Industry data indicates that a primary driver for this transaction is Macquarie’s robust order book. With original equipment Manufacturers (OEMs) like Boeing and Airbus facing multi-year backlogs, acquiring a lessor with confirmed delivery slots is one of the few viable paths for near-term growth.
Macquarie AirFinance holds a portfolio of approximately 225 to 233 owned and managed aircraft. Crucially, this includes confirmed orders for 70 Boeing 737 MAX aircraft, alongside additional Airbus A220 and A320neo jets. For DAE, gaining access to these delivery slots would provide a critical pipeline of new technology aircraft at a time when production delays are keeping lease rates at historic highs. DAE Capital enters this potential deal from a position of financial strength. According to company filings for the fiscal year 2025, DAE reported a net profit of approximately $702.2 million, a year-over-year increase of roughly 47%. As of year-end 2025, DAE’s total assets stood at approximately $16.5 billion, with a fleet of roughly 604 owned and managed aircraft.
The addition of Macquarie’s fleet, valued at roughly $6.4 billion, would complement DAE’s existing holdings. Macquarie’s portfolio is split fairly evenly between Airbus and Boeing narrowbodies, assets that are currently in high demand due to the global shortage of single-aisle lift.
We view this potential acquisition as a clear indicator that the aviation finance market has shifted firmly into a consolidation phase. The chronic inability of manufacturers to meet delivery targets has created a “seller’s market” for existing aircraft portfolios. Lessors with available metal or confirmed delivery slots are commanding premium valuations.
For DAE, this move appears to be a continuation of a long-term strategy to achieve scale through acquisition rather than solely through organic orders. Having previously acquired AWAS in 2017 and Nordic Aviation Capital (NAC) for $2 billion, DAE has demonstrated a capability to integrate large, complex portfolios. This deal would further dilute the influence of Western-centric lessors, shifting the center of gravity in aviation finance toward the Middle East, where sovereign wealth capital is actively seeking dollar-denominated, real assets.
Who currently owns Macquarie AirFinance? How large is the combined fleet? Why is the order book important? Sources: Reuters, DAE Capital Filings, Macquarie Asset Management
DAE Capital Reportedly Poised to Acquire Macquarie AirFinance
Deal Dynamics and Competitive Landscape
Strategic Rationale: The Race for Scale
The Value of the Order Book
Financial Strength and Fleet Composition
AirPro News Analysis
Consolidation in a “Seller’s Market”
Frequently Asked Questions
As of the latest reports, the company is owned by a consortium comprising Macquarie Asset Management (50%), PGGM Infrastructure Fund (25%), and the Australian Retirement Trust (25%).
DAE Capital currently manages approximately 604 aircraft. Macquarie AirFinance manages roughly 225 aircraft. A combined entity would oversee a fleet approaching 830 aircraft, placing it firmly among the largest lessors globally.
Airlines are desperate for new, fuel-efficient aircraft, but Boeing and Airbus are sold out for several years. Buying a lessor with an existing order book (like Macquarie’s 70 Boeing 737 MAX orders) allows the buyer to skip the line and secure immediate future growth.
Photo Credit: DAE Capital
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