On November 13, 2025, Azul S.A. reported that their current liabilities exceed current assets by R$ 19,529,527 thousand as of September 30, 2025, and also disclosed ongoing Chapter 11 bankruptcy proceedings initiated on May 28, 2025. This filing includes their interim financial statements for the three and nine months ending September 30, 2025, reflecting significant financial distress with a negative shareholders' equity of R$ 27,406,740 thousand.