Last April 11, 2017, the President of the Republic signed Bill No. 7425/2017, which among other matters, amended Article 181 of the Brazilian Aeronautical Code (“CBA”), eliminating the limit of up to twenty percent (20%) of foreign capital participation with voting rights in companies that provide public air services in Brazil.
The Bill in question aims to capitalize national airlines as well as to open the market for foreign airlines wishing to establish new airlines in Brazil
We point out that the Federal Senate has also debated the issue when it proposed changes to the provisions of the CBA, and the bill is currently awaiting a vote.