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Reuters
3 days ago
- Business
- Reuters
Gol exits Chapter 11 with plans to add new routes and expand fleet
SAO PAULO, June 6 (Reuters) - Brazilian airline Gol ( opens new tab formally exited its bankruptcy proceedings in the United States on Friday, setting the stage for fleet expansion and new flights and routes within Brazil and other countries, Chief Executive Officer Celso Ferrer told Reuters. In 2024, Gol became the second Brazilian airline, after Latam in 2020, to seek Chapter 11 bankruptcy protection in the United States as the sector grappled with debt burdens, a steep decline in passenger numbers during the COVID-19 pandemic, and aircraft delivery delays. Azul , a Gol competitor, filed for Chapter 11 last month. Despite Azul's financial struggles, talks over a potential partnership between the carrier and Gol are ongoing, Ferrer said. But a final deal "will only happen if it adds value and results, whether through routes or growth. If it's better for everyone," he added. Discussions regarding the business combination, which were formalized with a memorandum of understanding last January, are being managed by Abra Group, the majority investor in both Gol and Colombia's Avianca.
Bloomberg
20-05-2025
- Business
- Bloomberg
Brazilian Airline Gol Wins Approval of Chapter 11 Restructuring
Gol Linhas Aereas Inteligentes SA said it obtained U.S. bankruptcy court approval for the Brazilian airline's restructuring plan that cuts about $1.6 billion of debt while maintaining Abra Group Limited as its largest indirect shareholder. The company expects to exit Chapter 11 in early June, it said in a statement Tuesday. Gol added the restructuring significantly reduces its debt by eliminating upwards of around $850 million in other obligations. The airline, which sought court protection in January 2024, announced a sweeping restructuring deal that November.
