On September 29, 2023, Azul S.A. completed a significant restructuring of lease obligations with aircraft lessors and OEMs, which included a US$370.5 million issuance of Senior Notes and plans to convert up to US$570 million in obligations into preferred shares over the next few years. For the nine months ended September 30, 2023, Azul reported a net loss of R$2.3 billion, compared to a loss of R$1.8 billion in the same period last year, despite an increase in total revenue of 18.7% to R$13.6 billion.