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Azul Says Latam Air Didn’t Give Its $13 Billion Offer a Fair Shot

Latam Air plane on the tarmac at Congonhas Airport in Sao Paulo.

Latam Air plane on the tarmac at Congonhas Airport in Sao Paulo.

Photographer: Victor Moriyama/Bloomberg

Latam Airlines Group SA “flatly rejected” Azul SA’s offer to buy the bankrupt carrier even though the sale would be a better deal for creditors, Azul contends in new court filings.

Azul for months has been expressing interest in a tie-up with Chile’s Latam, but the bankrupt airline has refused to seriously engage in talks, lawyers for Brazil-based Azul said in court papers. Azul said its deal outlined in a Nov. 11 term sheet values Latam at $13 billion and would provide more for creditors than Latam’s current proposal, which is on the verge of seeking court approval.