We secured victory over creditors seeking to enforce prepetition claims in Brazil in violation of Azul’s chapter 11 discharge

Davis Polk is serving as lead counsel to Azul S.A. and its subsidiaries (collectively, “Azul” or “the company”) in connection with post-emergence work following Azul’s comprehensive restructuring under chapter 11 of the Bankruptcy Code.

Azul is the largest airline in Brazil measured by cities served and direct domestic routes, with more than 800 daily flights to more than 130 destinations. With a fleet of approximately 170 operating aircraft, Azul operates a network of 250 direct routes. Azul’s flight network also includes select international destinations.

On February 20, 2026, less than nine months after Azul commenced its chapter 11 cases, Azul’s confirmed chapter 11 plan became effective, and the company emerged from bankruptcy.

By every measure, Azul’s chapter 11 restructuring was an unmitigated success. Through the plan, Azul successfully reorganized more than $2.2 billion in debt held by thousands of creditors located throughout the world. However, notwithstanding the discharge and injunction provisions of Azul’s confirmed plan, certain creditors have continued to seek to enforce their prepetition claims against Azul in Brazil.

In late May, the company filed an emergency motion in the U.S. Bankruptcy Court for the Southern District of New York seeking entry of an order restating and enforcing the discharge and injunction provisions of the plan against Banco Voiter S.A. and Banco Pine S.A. Less than four hours prior to the hearing on the motion, Pine, appearing for the first time in the chapter 11 cases, filed extensive briefing, including an emergency cross-motion to dismiss the motion based on a lack of personal jurisdiction, which Davis Polk, on behalf of Azul, responded to in a pleading filed approximately an hour before the hearing commenced.

In a decisive victory for Azul, the Honorable Judge Lane decided for the company and granted the motion, holding that the Bankruptcy Court’s in rem jurisdiction permitted granting the discharge and injunction in its prior order confirming the plan and the motion restating and enforcing such provisions against Voiter and Pine and that the Bankruptcy Court’s jurisdiction to enforce the confirmation order continued post-effective date of Azul’s plan.

This victory will further Azul’s efforts to have the Bankruptcy Court’s orders (including the confirmation order) granted comity and enforcement in Brazil where Voiter and Pine continue to prosecute their respective enforcement proceedings, and will send a clear message to any other creditors seeking to disregard the confirmation order that they are acting in violation of an enforceable U.S. court order.

The Davis Polk restructuring team includes partner Timothy Graulich, counsel Richard J. Steinberg and Jarret Erickson and associates Jacob Goldberger, Kaitlyn Kelleher Otero and Naomi R. Philhower. All members of the Davis Polk team are based in the New York office.

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