Brazil's Gol emerges from Chapter 11 bankruptcy
Gol received $1.9 billion in financing during the 17-month restructuring process and exits bankruptcy with $900 million in liquidity.
Abra Group, the owner of Colombia-based Avianca, now controls 80% of Gol stock. The company's shares will be traded on the Brazil stock exchange.
Gol is operating six U.S. routes this month, all from secondary Brazilian cities -- four of them to Miami and two to Orlando. The carrier was operating four U.S. routes when it entered Chapter 11 in January 2024, Cirium flight schedule data shows.
Gol is the third-largest carrier in Brazil, trailing Azul and Latam.
Azul and Gol entered into a nonbinding memorandum of understanding in January to explore a merger that would make them by far the largest airline in Brazil.
Azul began its own Chapter 11 restructuring process late last month.
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