Azul – Cash Flow Overhang Requires Structural Solution

GOL – Short-Term Challenges to Navigate Before Delivering on Complicated Long-Term Pitch

GOL - Ramifications of GOL's Chapter 11 Filing

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

Equity Bottom-Up

<ul>
<li>Azul and GOL running with liability positions over double LATAM – convergence required to ensure financial sustainability.</li>
<li>Azul’s USD-denominated liabilities continue to weigh heavily, suggesting profitability and full balance sheet clean up distant prospects despite lessor re-negotiations.</li>
<li>GOL’s Chapter 11 process needs to focus on balance sheet recalibration – BRL weakness may require recalibration.</li>
</ul>


Azul and GOL running with liability positions over double LATAM – convergence required to ensure financial sustainability.
Azul’s USD-denominated liabilities continue to weigh heavily, suggesting profitability and full balance sheet clean up distant prospects despite lessor re-negotiations.
GOL’s Chapter 11 process needs to focus on balance sheet recalibration – BRL weakness may require recalibration.


Brazilian Airlines – Liability Management Even More Crucial Following BRL Weakness

Azul SA

Brazilian Airlines – Liability Management Even More Crucial Following BRL Weakness