09:08 AM EDT, 10/08/2024 (MT Newswires) -- Azul ( AZUL ) said Tuesday it has secured agreements with lessors and original equipment manufacturers covering about 92% of its equity issuance obligations, subject to certain conditions and corporate approvals.

As part of the agreement, the lessors and OEMs will receive up to 100 million new preferred shares of Azul ( AZUL ) in exchange for eliminating their share of the 3 billion Brazilian real ($544.6 million) obligations, Azul ( AZUL ) said. Negotiations with the remaining 8% of obligation holders and other stakeholders are ongoing, it added.

Shares were up over 13% in recent premarket activity.

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