Regional carrier Voepass files for bankruptcy
Voepass filed for bankruptcy protection on Tuesday in Brazil. The regional airline is seeking protection from its creditors in order to reorganize its finances and resume flying.
The carrier has not operated its flights since March 11 after ANAC, Brazil’s civil aviation agency, suspended its license for passenger and cargo services.
According to the agency, the reason was that Voepass presented “non-conformities related to the company’s management systems as provided for in regulations.”
In these six weeks, the airline has been trying to prove to ANAC that it complies with safety standards, but given the worsening financial crisis, it sought bankruptcy protection, which it had avoided until now.
“If the request for judicial recovery is granted by the courts, all of Voepass’ liabilities will be frozen and negotiated based on a detailed plan that will be drawn up to meet the needs of all creditors,” the airline said in a statement.
This will be the second time that VoePass has gone through bankruptcy. During 2012 and 2017, the airline was under protection until it could restructure its finances.
“Given the scenario the company has faced in recent months, this was the only way to carry out a complete restructuring and ensure that VoePass can once again offer an essential service for Brazil’s development,” said José Luiz Felicio Filho, the company’s CEO.
LATAM partnership allegedly withheld revenue from Voepass
In the document filed with the courts, Voepass attributed part of its financial crisis to LATAM Airlines.
According to local press reports, the partner allegedly withheld approximately US$6 million in reimbursements and aircraft maintenance.
The company also claims that LATAM interfered in its management by requiring its authorization to obtain financing, in addition to controlling ticket sales and setting fares, among other tasks.
The Chilean airline had not commented on the matter until Wednesday.
VoePass’ situation began to cause concern about a year ago when some of its planes stopped flying due to non-payment of the lease.
But it was in August of last year that the most serious moment of the crisis occurred when the ATR 72 with registration PS-VPB crashed during the approach for landing, killing all 62 occupants.
In the following months, flights were reduced, more planes were repossessed by the lessors and the operation shrank.
The airline is now trying to retain its slots at Congonhas and Guarulhos Airports, the busiest in the country and which are being targeted by Gol and Azul. The plan is for them to be used as Voepass assets.
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Ricardo Meier
Creator of the website that started in 1996 as a magazine. He also writes on Brazilian websites AUTOO, MOTOO and MetrôCPTM.
