Your plane tickets got more expensive — and may rise further. The National Monetary Council (CMN) approved on Wednesday (20) Resolution CMN No. 5.305, establishing conditions for an emergency credit line of up to R$ 1 billion for domestic airlines' working capital. The measure regulates article 21 of Provisional Measure No. 1.349 of April 7, 2026, which authorized the emergency line. ✓
Press quotes (2)
"Em reunião ordinária realizada nesta quarta (20/5), o Conselho Monetário Nacional (CMN) aprovou resolução que estabelece as condições para concessão de financiamentos destinados a capital de giro de prestadores de serviços aéreos de transporte doméstico regular."
"A resolução regulamenta o art. 21 da Medida Provisória nº 1.349, de 7 de abril de 2026, que autorizou a criação de linha emergencial de crédito no montante global de até R$ 1 bilhão para o setor aéreo."
The financial bailout responds to the aviation sector crisis, where jet fuel prices doubled since February due to the Middle East war. According to Anac data, airlines cut 93 daily flights in May (4.3% reduction), eliminating about 14,000 seats per day. Fuel, which historically represented about 30% of operating costs, now consumes approximately 45%. ✓
Press quotes (2)
"Jet fuel, which has historically accounted for about 30% of their operating costs in the country, has doubled since February... The surge in oil prices triggered by the war in the Middle East has led airlines in Brazil to draw up a survival plan"
"On April 2, data from the SIROS system of Brazil's National Civil Aviation Agency (Anac) showed airlines expected to offer 2,193 flights a day in May in the Brazilian market. The same query on May 12, however, showed a projected daily supply of 93 fewer flights, a 4.3% drop. With fewer takeoffs, Brazil lost about 14,000 seats a day this month."
Each company may contract up to 1.6% of 2025 gross revenue, limited to R$ 330 million per beneficiary. Financing will have up to six months term, with single payment at maturity, 100% average CDI interest, and disbursement until June 28 via Banco do Brasil. Companies must prove fuel price impacts and demonstrate need for the emergency line. ✓
Press quotes (2)
"Cada empresa poderá contratar um valor equivalente a até 1,6% do faturamento bruto anual registrado em 2025. Mesmo assim, haverá um teto máximo de R$ 330 milhões por beneficiário."
"Os financiamentos terão prazo de até seis meses para pagamento. O modelo aprovado prevê amortização em parcela única no vencimento final do contrato"
The measure's timing coincides with two major airlines' judicial recovery. Azul emerged from Chapter 11 in February after nine months of restructuring, reducing loans from R$ 23.06 billion to R$ 9.71 billion, but still maintaining R$ 10.93 billion in lease liabilities. Gol reported R$ 1.42 billion loss in May 2025, with negative EBITDA of R$ 650 million and net debt of R$ 30.7 billion. ✓
Press quotes (3)
"Azul completed its Chapter 11 emergence on February 20, 2026"
"Loans and financing dropped from R$23.06 billion to R$9.71 billion after debt-to-equity conversions, new Exit Notes and DIP conversions... Even after restructuring, Azul carries R$9.71 billion in loans and financing and R$10.93 billion in lease liabilities"
"Gol Linhas Aéreas Inteligentes S.A., Brazil's largest low-cost airline, reported a net loss of R$1.42 billion ($258 million) for May 2025... negative EBITDA of R$650 million ($118 million), with a margin of -42%... net debt, including leases and DIP financing, remained high at R$30.7 billion"
Resolution establishes emergency credit line of up to R$ 1 billion for domestic airlines
Each company may contract up to 1.6% of 2025 revenue, limited to R$ 330 million
Covered by only some sources, or where the accounts diverge.
-
What are the specific eligibility criteria beyond authorization by the Ministry of Ports and Airports?
Why it's still unknown: The resolution mentions need for ministerial authorization, but detailed criteria were not disclosed in available documentation
-
How will the R$ 1 billion be distributed among different eligible airlines?
Why it's still unknown: While there's a R$ 330 million cap per company, there's no information about priority order or distribution criteria when demand exceeds supply
-
What is Gol's current status regarding its Chapter 11 judicial recovery process?
Why it's still unknown: Available data is from May 2025; current status of Gol's restructuring process was not reported in consulted sources