Brazil airline hierarchy reversed as investors await BNDES bail-out

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By Oliver West
21 May 2020

As bondholders eagerly await details of a rescue package from Brazilian development lender BNDES to the three largest airlines operating in the country, the strongest credit in the sector coming into the Covid-19 crisis is now the perceived as the weakest.

Gustavo Montezano, president of government-owned BNDES (Banco Nacional de Desenvolvimento Economico e Social), said on Friday that Latam Airlines, Azul and Gol had accepted a rescue package from the bank, though the airlines have said they are still considering the offer and no details have been confirmed. Brazilian ...

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