SAO PAULO (Reuters) – Brazilian airline Azul SA (NYSE:) on Monday confirmed it had made an earlier offer to join Chile’s LATAM Airlines Group. However, it stated that since then it decided to concentrate its efforts on its own operations.

Azul, in an exchange filing it published Sunday night, stated that potential partners would only be considered for the future.

Brazilian Airlines claimed that its Nov. 11 non-binding proposal included approximately $5 billion equity financing. It was supported by LATAM creditors.

Azul stated however, that LATAM’s bankruptcy valuation had been higher than the company believes it is acceptable. This was a result of uncertainty in the industry, particularly in long-haul markets, and COVID-19.

Azul explained that Azul will keep its focus on Azul’s exclusive competitive advantage of its network and fleet flexibility, and evaluate potential partnerships and consolidation opportunities.

LATAM filed on Friday a restructuring plan in which it suggested an $8.19B capital infusion into the group as a way to get out of Chapter 11 bankruptcy.

Chilean companies previously claimed that they had been offered multiple funds to help them out of Chapter 11 bankruptcy.

Azul stated in its Sunday late filing that its proposal was non-binding and would have significantly increased network growth. It also believes it will generate synergies worth more than $4B.

LATAM’s standalone plan, according to it, is unable “to generate synergies out of a combination.”