GOL Linhas Aéreas Receives U.S. Bankruptcy Court Approval for Chapter 11 Reorganization Plan
GOL Linhas Aéreas has received approval from the U.S. Bankruptcy Court for its Chapter 11 Reorganization Plan, paving the way for the airline to exit financial restructuring by June 2025. According to the company, this milestone will allow it to emerge with a stronger financial position and greater operational capacity.
During the process, GOL secured $1.9 billion in exit financing to repay its Debtor-in-Possession (DIP) loan and the execution of its business strategy. The airline also restructured significant liabilities and renegotiated key contracts. GOL states that these measures will reduce its pre-existing financial debt by up to $1.6 billion, along with an additional $850 million in other obligations.
Among the highlights, GOL notes the acquisition of $1 billion in DIP financing, agreements totaling $1.1 billion with aircraft lessors, and access to $340 million in receivables advance, critical for working capital in Brazil. The company also signed an agreement with Boeing, which will provide $262 million in liquidity and more than $700 million in concessions through 2029.
“We are entering a new phase of recovery with a strong market position,” the company said. Following the restructuring, GOL projects liquidity of around $900 million, and aims to reduce its net debt/EBITDA ratio to 2.9x by the end of 2027.
Operationally, GOL expects its fleet of Boeing 737s to be fully restored by Q1 2026, with five new MAX aircraft arriving in 2025. In the first quarter of this year, the airline reported a 19.4% increase in net revenue and a 17.4% rise in recurring EBITDA year-over-year, suring expectations set in its five-year plan.
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GOL currently operates in 65 domestic and 16 international destinations, serving 30 million engers in 2024. The airline also highlights its Smiles loyalty program, which includes over 50 partner airlines and offers 550,000 redemption options.
The company has scheduled a general shareholders meeting for May 30 to approve the capital increase outlined in the plan. According to GOL, the implementation will lead to a significant dilution of outstanding shares, though preferential rights under Brazilian law will be upheld.
AUTOR
Contando la aviación desde marzo del año 2000. Fundador y Managing Editor de Aviacionline. Base: ROS Origen: RES
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