Gol Boeing 737 MAX 8

Gol Linhas Aereas carrier files for financial restructuring in the US

Process follows the same path adopted by LATAM that chose the United States Bankruptcy Court, known as Chapter 11

Gol Linhas Aéreas  filed for Chapter 11 in the United States Bankruptcy Court for the Southern District of New York, onThursday, 25th, a procedure known as “Chapter 11”.

The measure, expected by the market, was adopted in light of the maturity of short-term debts, especially with aircraft lessors, where the airline was unsuccessful in renegotiating the values.

According to Gol, the company secured US$950 million in financing to support the continuity of its business, but made a point of reassuring the market that its operations will continue normally.

The administration process in the United States is considered safer and more predictable and was used by two other large South American companies, Avianca and LATAM, which were successful in renegotiating their debts and judicially approving a payment plan.

“GOL has undertaken significant efforts to provide the best travel experience for our customers, while improving our profitability and financial position,” said Celso Ferrer, CEO.

““We have made outstanding progress to date and believe that this process will allow us to fully address the challenges caused by the pandemic while we maintain our high standard of service to our customersn” added the executive.

Celso Ferrer, Gol’s CEO (Gol)

Gol avoided a bankruptcy process during the coronavirus pandemic, but has been accumulating billion-dollar debts that would reach US$4 billion.

Just with lessors of its jets, the carrier would have a debt of US 600 million due within 12 months.

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According to Ch-Aviation, Gol has 141 aircraft leased from 24 different companies. The largest fleet belongs to AerCap, with 30 planes, followed by Carlyle Aviation Partners, with 21 Boeing 737s.

The company’s shares on the Brazilian stock exchange fell 3.16% just over an hour after the announcement.