Azul has returned to the race for assets of bankrupt Avianca Brazil with a new offer, while the financially troubled carrier filed an appeal in court against the last-minute suspension of its bankruptcy auction last week.
Azul has filed a petition for a minimum bid of $145 million on a new isolated productive unit, or UPI, of assets comprising «certain slot pairs» of Avianca Brazil including those for the lucrative shuttle service between Sao Paulo and Rio de Janeiro.
«The company believes that the sale of this single new UPI will provide Avianca Brazil’s employees, customers, creditors, and other interested parties, a legal and legitimate alternative to maintain its business as a going concern in light of the rapid deterioration of the company’s activities,» says Azul.
«The new UPI also provides for a real competitive alternative to the significant market concentration that exists today in the shuttle service between Sao Paulo and Rio de Janeiro.»…
