April 18, 2019 / 4:40 PM / a month ago

Azul no longer bidding for Avianca Brasil's routes: CEO

FILE PHOTO - An Embraer ERJ-190AR airplane of Azul Brazilian Airlines prepares to land at Santos Dumont airport in Rio de Janeiro, Brazil March 21, 2019. REUTERS/Sergio Moraes

SAO PAULO (Reuters) - John Rodgerson, chief executive of Brazilian carrier Azul SA, told a news conference on Thursday that the airline is no longer bidding for routes operated by Avianca Brasil, which filed for bankruptcy protection in December.

In March, Azul unveiled a non-binding agreement worth $105 million to buy certain assets of Avianca.

Since then, Azul’s competitors LATAM Airlines Group SA and Gol Linhas Aereas Inteligentes SA have presented rival offers after both were approached by hedge fund Elliott Management, Avianca Brasil’s largest creditor, soliciting bids.

Azul shares were up 5.6 percent in early afternoon trading in New York and shares in rival Gol rose 8.8 percent in Sao Paulo.

Reporting by Aluísio Alves; Writing by Ana Mano; Editing by Jonathan Oatis and Meredith Mazzilli

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