Brazilian airline Azul SA and its creditors are actively exploring restructuring options, including a potential Chapter 11 bankruptcy filing, as the company grapples with mounting debt. Azul has confirmed that its operations will continue regardless of the outcome of these discussions. The company's stock fell over 11% following the announcement, despite reporting a record first-quarter revenue of R$5.394 billion, up 15.3% year-over-year. However, Azul's Ebitda fell by 2.1% to R$1.386 billion, and its adjusted net loss was R$1.817 billion, reflecting pressures from increased costs. Azul transported 8 million passengers, with RPK up 19.4% and ASK up 15.6%, achieving a load factor of 81.5%. The company's CASK increased by 7.6%, while RASK remained stable, and the yield fell by 3.5%. Azul Cargo and Azul Viagens saw revenue increases of 18% and 57%, respectively. In the financial sector, Banco do Brasil SA reported a first-quarter adjusted net income of R$7.37 billion, marking a 20.7% decline from the previous year. The bank has also suspended several corporate projections for 2025, including credit cost, gross financial margin, and adjusted net income, reflecting a cautious outlook. Banco do Brasil's ROAE stood at 16.7%, with a credit portfolio of R$1.27 trillion, including R$335.8 billion in credit to individuals and R$406.2 billion to agribusiness. The bank's delinquency rate rose to 3.86%. Gol Linhas Aéreas Inteligentes SA reported a significant drop in first-quarter profit to R$1.37 billion, a 63.7% decrease year-over-year, attributed to a 24.9% rise in operating costs and expenses, primarily due to currency devaluation. Gol's revenue reached R$5.62 billion, with Ebitda at R$1.23 billion. The airline increased its capacity by 12% and passenger traffic by 6.6%, achieving a load factor of 83.5%. Gol's debt stood at R$31.1 billion as it continues its judicial reorganization in the U.S. Several Brazilian companies disclosed their first-quarter earnings. Americanas SA reported a loss of nearly R$500 million, affected by Easter sales. Casas Bahia's loss surged by 56% to over R$400 million, influenced by higher interest rates and increased debt. Conversely, Marisa SA reversed its previous year's loss to report a profit of R$2.3 million, driven by higher revenue and reduced operating expenses. Light SA turned a profit of R$419 million, a significant improvement from last year's loss, with the distribution segment contributing 58% to the group's profit. Light's EBITDA was R$579 million, with a debt of R$4.2 billion and cash of R$3.6 billion. The company invested R$288 million, achieving a DEC of 6.10 hours and a FEC of 2.85x, with losses at 30.6%. CPFL Energia SA achieved a net income of R$1.62 billion, surpassing analyst expectations, with an Ebitda of R$3.85 billion. BNDES reported a net income of R$5.6 billion, up 7.3% from the previous year, with disbursements of R$25.2 billion, credit approvals of R$33.3 billion, and investments of R$13.2 billion.