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FTI Consulting and C Street Advisory Group provide strategic communications support to Azul as Brazil’s biggest airline declares Chapter 11 in US bankruptcy court to restructure more than $2B in debt.
It has lined up $1.6B in financing to support operations from AerCap aircraft leasing company, and strategic partners United Airlines and American Airlines.
Azul blames its financial downfall on the COVID-19 pandemic, macroeconomic headwinds and supply chain snafus.
CEO John Rodgerson expects Azul will emerge from Chapter 11 as a robust, resilient and industry-leading airline.
The Sao Paulo-based carrier will continue to operate on a normal basis during the reorganization. “Azul continues to fly—today, tomorrow and into the future,” said Rodgerson.
The company has a fleet of more than 200 planes that make 900 daily flights to more than 150 destinations.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
