@Azullinhasaerea's plan to reduce its face amount of lease liabilities during bankruptcy proceedings didn’t quite take off. The airline said in its recent Pro Forma Capitalization report that lease liabilities will drop 13% to $2.9b from $3.36b after its proposed Ch. 11 exit in February 2026. The 13% reduction seems light; normally, it's much greater for airlines that file Ch. 11. Cherokee's Claims Market is a leading venue for FTX and all other bankruptcy claims. #bankruptcy #crypto