Provided by Marcela Correa, Basch & Rameh

Almost one year ago, in April 2025, the Voepass Group (“Voepass”) filed a formal request for judicial reorganization (a Brazilian procedure roughly equivalent to the Chapter 11 process) before the Court of Justice of the State of Sao Paulo, Brazil (the “Bankruptcy Court”). Among the various reasons for the filing, Voepass included the suspension of the Air Operator Certificate (“AOC”) of the two airlines that are part of the Voepass, Passaredo Transportes Aéreos (“Passaredo”) and MAP Transportes Aéreos Ltda. (“MAP”) by the Brazilan Civil Aviation Agency (“ANAC”). Passaredo was the primary airline operating entity and MAP was a much smaller such entity.  But the Bankruptcy Court denied Judicial Recuperation protection to Passaredo and, surprisingly, granted protection to MAP. 

A few days later ANAC formally revoked Passaredo’s AOC but merely suspended MAP’s AOC.  MAP has not reactivated that AOC and is not operating any aircraft.  As a result of the revocation of Passaredo’s AOC, ANAC also reclaimed 20 slots previously allocated to Passaredo at the Congonhas Airport in Sao Paulo for the period from October 2025 to March 2026.  ANAC eventually redistributed those slots to Latam, Gol, and Azul, the major Brazilian airlines.  

MAP, the debtor in reorganization, attempted to reverse ANAC’s actions, in order to be authorized to “monetize” rights resulting from slots formerly assigned to Passaredo. MAP also sought an injunction to prevent ANAC from re-allocating those slots to other air carriers. On September 30, 2025, following a request for clarification from the Bankruptcy Court, ANAC reiterated its Resolution No. 682, dated June 7, 2022 (“Resolution 682”), stating that a slot does not integrate an operator’s assets. In addition, as Passaredo’s AOC had been revoked, the process to re-allocate Passaredo’s slots to its competitors was already completed by ANAC. 

Under Resolution No. 682, rather than private property, slots refer to contractual rights for specified dates and periods of time to enable an aircraft to arrive at and depart from coordinated, “level 3” airports (the ones without sufficient infrastructure and/or with demands exceeding capacity and making impossible to use the airport without coordination). Furthermore, in accordance with Resolution 682, slots can be withdrawn if an airline loses its operating license or fails to meet specific regularity and punctuality requirements. Slots are therefore viewed as an operating privilege under state control rather than a fully tradable property right. 

Accordingly, the Bankruptcy Court has found that “ANAC’s technical information confirms that there are currently no slots allocated to the Voepass Group that could be subject to assignment, lease, or use”; thus the injunction was denied to MAP. Its judicial recuperation plan was submitted to the Bankruptcy Court later and still included the right to directly lease Passaredo’s slots to other airlines. Consequently, the Court once again summoned ANAC to opine on the plan, more particularly the availability of such slots to MAP. 

While Resolution 682 allows for the permanent transfer of historic slots between air carriers from different economic groups, these transactions are strictly regulated and require prior approval from ANAC. In a new response to the Bankruptcy Court, ANAC recognized that it was possible to “monetize” slots although they were not considered personal property. However, given that Passaredo’s AOC was revoked and MAP’s was suspended, ANAC informed that no slot could have been allocated back to Passaredo or even to MAP.  

In early February, MAP asked for further clarification regarding the use and “monetization” of slots. To date, ANAC has not responded to such requests. The matter, which appeared to be settled by the Bankruptcy Court, may once again be subject to further interpretation, creating a confusing scenario of procedural back-and-forth. Expectations remain that, especially in the absence of a valid AOC, an operator loses its slots and cannot negotiate them for monetary compensation.    

Upcoming Events