SAO PAULO, Feb 23 (Reuters) - Brazilian airline Azul

has emerged from its Chapter 11 restructuring,

shielded from any new potential headwinds, and will now focus on

"responsible growth," CEO John Rodgerson told Reuters, while

ruling out any ​merger or acquisition plans.

Azul announced on Friday it ‌had exited U.S. bankruptcy

proceedings after about nine months, adding that it had achieved

its goals of strengthening ⁠its capital structure, increasing

liquidity and reducing indebtedness during the process.

"I'm very happy ⁠about managing this company now that it is

de-leveraged. The ‌best thing is to ‌run a company that did

everything it needed to clean up its balance sheet," Rodgerson

said.

Azul filed for ​Chapter 11 in May 2025 to ‌restructure its

debt, part of a wave of Latin American airlines seeking

bankruptcy protection after the COVID-19 pandemic - including

rivals Gol and LATAM Airlines.

The ​carrier cut debt and lease obligations ​by about $2.5

billion ‌during the process, which also included raising nearly

$1.4 billion through debt and $950 million in equity

investments.

"We know that the company with the lowest ⁠leverage will win

the race. It's as simple as that. We are in ⁠a country with many

uncertainties, so what we've done now is shield the company to

withstand anything," Rodgerson said.

Azul emerged from bankruptcy proceedings with a net leverage

ratio of less than 2.5, down from 3.3 during the pandemic, the

CEO noted.

UNITED, ⁠AMERICAN BACK ‌RESTRUCTURING

As part of Azul's restructuring, American Airlines ( AAL )

and United Airlines ‌have both agreed to invest in the

Brazilian carrier.

Azul received $100 million from United and ⁠executed a

commitment with American for an additional $100 million equity

investment, subject to antitrust approval.

"They could have invested in anyone else, but they decided

to join us," Rodgerson said. "They want the connectivity we have

inside Brazil."

The restructuring also put an end to any merger ideas, he

added.

The carrier in 2025 held talks with Abra Group on a

potential merger with Gol, ​which Abra controls, but they ended

in September as Azul turned its focus to the Chapter 11 process.

It also had a failed attempt to combine with ​LATAM in 2021.

"Forget about it," Rodgerson ‌said when asked about a

potential M&A.

(Reporting by Gabriel Araujo; ​Editing by Anil D'Silva)