Since the publication of our initial article on Azul (AZUL) back in May, the company's stock increased by around 10%, and currently, it continues to trade in a distressed territory, way below its pre-COVID-19 levels. Considering the latest developments, it seems that bankruptcy is off the table and the worst-case scenario for the airline is no longer in play. However, Azul will continue to burn cash on a daily basis and will not become profitable anytime soon. With an improved liquidity position, we're shifting our stance on the company from "Bearish" to "Neutral",