Azul intends to raise up to $950 million through an equity rights offering under its reorganisation plan that would pave the way for it to exit Chapter 11 bankruptcy protection. The carrier says in a disclosure statement filed with the US Bankruptcy Court for the Southern District of New York state that the plan is supported by several of its "key economic stakeholders", including lessor AerCap, bondholders and secured debtholders. Under the proposed equity raising, strategic investors United Airlines and American Airlines will subscribe for up to $300 million of the offering, while other parties have agreed to backstop the remaining $650 million. Azul will also enter an exit debt facility, either through the exchange of the $1.6 billion debtor-in-possession notes or through other loans or notes, and it " expect[s] to commence a robust marketing process in the near term to achieve better financing terms than those in the Exit Notes." "Azul has been able to leverage the chapter 11 process to effectively transform its businesses and simplify its balance sheet," it says, adding that it will eliminate over $2 billion in debt from its balance sheet, largely through restructuring aircraft leases with AerCap and other lessors. "At the same time, Azul expects to emerge from bankruptcy as a strong, competitive, and global airline that continues to make Brazil accessible." Azul calls the filing of the plan, along with a related disclosure statement, a "significant milestone toward the completion of Azul's financial and operational restructuring". Creditors are scheduled to vote on the plan on 14 October, and a confirmation hearing to approve it has been set for 11 December. Azul's 28 May Chapter 11 filing was precipitated by a combination of pandemic-driven losses, currency volatility, and Brazil's challenging macroeconomic environment. In August, Azul received court approval for its agreement with AerCap. Cirium fleets data shows that it manages 70 of the carrier's in-service and stored fleet of 225 aircraft. DAE Capital is its second largest lessor with 28 aircraft, while Falko has 20.

SpiceJet's near-90% fall in first quarter operating profit appears to have only exacerbated the financial and operational pressures that it has not yet overcome, amid signs that it has nearly burned through the Rs30 billion ($341 million) it raised from investors last September. The carrier eked out earnings before interest, tax, depreciation and rent collapsed to Rs840 million, compared to Rs6.5 billion in the previous corresponding quarter, while revenue fell 43% to Rs119 billion. The result was announced the same day that it released its 2024-2025 annual report, which lay bare its financial state. The carrier's total debt and payables stood around $600 million at year's end, compared with about $850 million a year earlier, while free cash inched up only marginally from around $25 million to about $35 million. A breakdown of the debt indicates that it had around $290 million in trade payables—including money owed to aircraft lessors and other vendors—borrowings of roughly $240 million, and statutory dues to the government of around $36 million. This compares with US$410 million of trade payables for the fiscal year ended March 2024, $277 million of borrowings, and $96 million in statutory dues. This indicates that the airline has paid a significant portion of the $350 million it raised to clear trade payables and statutory dues but is still not out of the woods. “There have been delays in repayment of dues to banks/financial institutions and certain statutory authorities. Trade payables include amounts which are outstanding for a period exceeding contractual terms,” auditors Walker Chandiok & Co, an affiliate of Grant Thornton in India, states in the report. It adds that the company has incurred losses in the past and its accumulated losses as at 31 March had resulted in erosion of its net worth in prior years led to it repeating a warning about the carrier's ability to remain a going concern. “The Company’s ability to meet its obligations is dependent on successful negotiations with lessors, lenders, and vendors, and on the timely realisation of its plans for raising funds and improving operations." The going concern warning is a stark contrast to the enthusiastic presentation that Ajay Singh gave in Singapore in February, when he advised that there was " practically nothing left” when asked about ongoing litigation and claims from creditors. “The relationships are great because we paid everybody back, so they're happy with us,” he said at the time. Signs are, then, that even as the airline looks to convert some debt to equity that it will once again go cap-in-hand to investors for a further equity infusion – one that will likely further dilute Singh's stake, which is now around 30%, down from around 60% when he took over a decade ago. Another curiosity buried deep in the pages of the report was that the financially struggling airline had given an interest-free advance of about $3.9 million to Singh – almost equivalent to five years of his salary. Even though the company has clarified that the advance will be adjusted against his monthly remuneration and is in line with its internal policy, it did not go down well with corporate governance analysts.

The Oneworld alliance and Bill Gates-backed Breakthrough Energy Ventures (BEV) have launched an investment arm through which they intend to raise funds to hasten the development of aviation fuel that emits less CO2 than conventional jet fuel. Oneworld members American Airlines and Alaska Airlines are set to be the "cornerstone investors" in the Oneworld BEV Fund, the alliance says. Breakthrough Energy Ventures – a capital fund founded by Gates – will be the fund's investment manager. The Oneworld BEV Fund aims to invest in "novel, next-generation sustainable aviation fuel technologies" and expand alternative fuel markets. "By investing in the SAF technologies of the future, American and our Oneworld partners are making a business decision to accelerate the development of novel technologies with the potential to reach larger scale at lower prices than current technologies can achieve," states American chief executive and Oneworld chair Robert Isom. Eric Toone, chief technology officer at Breakthrough Energy and managing partner at Breakthrough Energy Ventures, adds: "The Oneworld BEV Fund is built to identify and scale breakthrough SAF technologies that can deliver real emissions reductions for jet fuel, compete with fossil-based fuels on cost, and integrate seamlessly with today's aviation infrastructure. "These are complex systems-level challenges that will take time to solve, and the fund is built with the long-term vision and staying power to help bring solutions to market."