Azul (AZUL) said Friday it has obtained court approval to immediately access $250 million of its $1.6 billion debtor-in-possession financing related to its voluntary Chapter 11 petitions filed in the US on Wednesday.
The company said it has received interim court approvals for all of the first-day motions it has filed.
The financing, combined with other court approvals and revenue generated from the company's ongoing operations, will provide sufficient liquidity to support its continued operations, Azul said.
The second-day hearing to consider Azul's requested relief on a final basis is scheduled for July 9, the company said.
Shares of the company were up 2.3% in recent trading.
Price: 0.50, Change: +0.01, Percent Change: +2.33
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.