American Airlines has exercised in full its subscription warrants in Azul S.A., receiving 31,838,775 newly issued shares and resulting in minority ownership interest in the Brazilian airline. The investment follows Azul’s Chapter 11 restructuring and the October 7, 2026, approval of American’s US$100 million investment by Brazil’s competition authority, CADE. American plans to deposit its shares in Azul’s American Depositary Receipt (ADR) program.
Latham & Watkins LLP advised American Airlines on the transaction with a corporate deal team led by partners Tony del Pino, Carlos Ardila, and John Slater, and Restructuring associate Jonathan Weichselbaum. Advice was also provided on restructuring matters by partner Andrew Sorkin, with associate Nikhil Gulati; on antitrust matters by partners Alan Devlin and Tara Tavernia, with associates Andrew Paik and Alexandra Clark; on IP matters by partner Ghaith Mahmood and counsel Arielle Singh, with associate Nick Goshgarian; on tax matters by partner Jared Grimley; on corporate matters by associates Melanie von Staa Toledo and Diego Roberto Guimaraes-Blandon;* on capital markets matters by associate Emma Gilmore; and on strategic US-Brazil cross-border matters by partner Pedro Rufino Carvalho.
*Admitted to practice in Texas only.
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