Latest news with #AbraGroup
CNBC
01-07-2025
- Business
- CNBC
Airlines are the 'ultimate thermometer' of global health, says Abra Group CEO
"When the world sneezes in any way, airlines get sick very quickly," Abra Group CEO Adrian Neuhauser said ahead of the International Air Transport Association's 81nd Annual General Meeting in New Delhi. In an interview with CNBC's Monica Pitrelli, he said his airline group, which includes Latin America-based carriers Avianca and GOL, is affected by conflict in Europe and the Middle East because geopolitical problems "affect the industry as a whole."
Travel Weekly
10-06-2025
- Business
- Travel Weekly
Brazil's Gol emerges from Chapter 11 bankruptcy
Brazilian discount carrier Gol has exited 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.
Reuters
06-06-2025
- 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.
