SAO PAULO - John Rodgerson, chief executive of Brazilian carrier Azul SA, told a press conference on Thursday the airline is no longer bidding for routes operated by Avianca Brasil, which filed for bankruptcy protection in December.

In March, Azul unveiled a nonbinding agreement worth $105 million to buy certain assets of Avianca.

Since then, Azul’s competitors LATAM Airlines Group SA and Gol Linhas Aereas Inteligentes SA have presented rival offers after both were approached by hedge fund Elliott Management, Avianca Brasil’s largest creditor, soliciting bids.