SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Azul S.A.

(Name of Issuer)

American Depository Shares, each representing three Preferred Shares

(Title of Class of Securities)

05501U106

(CUSIP Number)

04/25/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

05501U106

Names of Reporting Persons

VR Global Partners, L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

05501U106

Names of Reporting Persons

VR ADVISORY SERVICES LTD

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13G

CUSIP No.

05501U106

Names of Reporting Persons

VR CAPITAL PARTICIPATION LTD.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No.

05501U106

Names of Reporting Persons

VR CAPITAL GROUP LTD.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No.

05501U106

Names of Reporting Persons

VR CAPITAL HOLDINGS LTD.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No.

05501U106

Names of Reporting Persons

Deitz Richard

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

0 %

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Azul S.A.

(b)

Address of issuer's principal executive offices:

Avenida Marcos Penteado de Ulhoa, Rodrigues, No. 939, 8th Floor, Edificio, Tambore, Barueri, Brazil, 06460-040

Item 2.

(a)

Name of person filing:

The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): (i) VR Global Partners, L.P. (the "Fund"); (ii) VR Advisory Services Ltd ("VR"); (iii) VR Capital Participation Ltd. ("VRCP"); (iv) VR Capital Group Ltd. ("VRCG"); (v) VR Capital Holdings Ltd. ("VRCH"); and (vi) Richard Deitz.

(b)

Address or principal business office or, if none, residence:

For the Fund, VRCP, VRCG and VRCH: c/o Intertrust (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands For VR: 601 Lexington Avenue, 59th Floor, New York, New York, 10022, USA For Mr. Deitz: The Kensington Building, 1 Wrights Lane, Fourth Floor, London W8 5RY, United Kingdom

(c)

Citizenship:

(i) The Fund is a Cayman Islands exempted limited partnership; (ii) VR is a Cayman Islands exempted company; (iii) VRCP is a Cayman Islands exempted company; (iv) VRCG is a Cayman Islands exempted company; (v) VRCH is a Cayman Islands exempted company; and (vi) Mr. Deitz is a United States citizen.

(d)

Title of class of securities:

American Depository Shares, each representing three Preferred Shares

(e)

CUSIP No.:

05501U106

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

Items 5 through 9 and 11 of each of the cover pages to this Schedule 13G are incorporated herein by reference. 0 American Depository Shares, each representing three Preferred Shares ("Preferred Shares"), of Azul S.A. (the "Issuer") reported as beneficially owned herein are directly held by the Fund. VR, as the general partner and investment adviser of the Fund, may be deemed to exercise voting and investment power over 0 Preferred Shares held by the Fund. VRCP, as the sole shareholder of VR, also may be deemed to beneficially own 0 Preferred Shares held by the Fund. VRCG, as the sole shareholder of VRCP, also may be deemed to beneficially own 0 Preferred Shares held by the Fund. VRCH, as the sole shareholder of VRCG, also may be deemed to beneficially own 0 Preferred Shares held by the Fund. Mr. Deitz, as the principal of VR, VRCP, VRCG and VRCH, also may be deemed to beneficially own 0 Preferred Shares held by the Fund.

(b)

Percent of class:

As of the date hereof, each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz may be deemed to beneficially own 0 Preferred Shares of the Issuer, representing approximately 0% of the shares of Preferred Shares outstanding. As of April 25, 2025, each of the Reporting Persons may have been deemed to have beneficially owned 49,141,785 Preferred Shares of the Issuer, representing approximately 5.48% of the Preferred Shares outstanding. Each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz exited the whole position on April 30, 2025. The above percentages are based on 896,039,753 Preferred Shares of the Issuer outstanding as of April 24, 2025, as disclosed in the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 29, 2025.

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

(ii) Shared power to vote or to direct the vote:

(iii) Sole power to dispose or to direct the disposition of:

(iv) Shared power to dispose or to direct the disposition of:

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

VR Global Partners, L.P.

Signature:	/s/ Emile du Toit
Name/Title:	Emile du Toit / Authorized Person of VR Advisory Services Ltd, its general partner
Date:	05/02/2025

VR ADVISORY SERVICES LTD

Signature:	/s/ Emile du Toit
Name/Title:	Emile du Toit / Authorized Person
Date:	05/02/2025

VR CAPITAL PARTICIPATION LTD.

Signature:	/s/ Emile du Toit
Name/Title:	Emile du Toit / Authorized Person
Date:	05/02/2025

VR CAPITAL GROUP LTD.

Signature:	/s/ Emile du Toit
Name/Title:	Emile du Toit / Authorized Person
Date:	05/02/2025

VR CAPITAL HOLDINGS LTD.

Signature:	/s/ Emile du Toit
Name/Title:	Emile du Toit / Authorized Person
Date:	05/02/2025

Deitz Richard

Signature:	/s/ Richard Deitz
Name/Title:	Richard Deitz / Self
Date:	05/02/2025

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement

SEC Form SCHEDULE 13G filed by Azul S.A.