Gol Boeing 737 MAX 8

Gol predicts fleet of 169 Boeing 737 in 2029 amid financial recovery plan

Brazilian airline that filed Chapter 11 intends to refinance debt of US$2 billion and increase capital by US$1.5 billion, in addition to being open to other types of “opportunities”

Brazilian carrier Gol Linhas Aéreas revealed on Monday a new financial recovery plan for the next five years, another step towards trying to leave the Chapter 11 process, which began in January.

To exit bankruptcy, the airline plans to refinance US$2 billion in debt in addition to expanding capital by US$1.5 billion.

It will also evaluate other opportunities offered by the market and which may involve an acquisition by competitor Azul, analysts say.

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The two airlines announced a codeshare agreement last week that is seen as a first step towards a merger.

Modernized and expanded aircraft fleet

Gol also predicted that it will reach a fleet of 169 Boeing 737 jets, the vast majority of the more efficient MAX model, in 2029. This is a 20% growth compared to the 141 planes it had in 2023.

The carrier currently flies 137 aircraft, 46 of which are 737 MAX and the rest are 737 NG.

Gol and Azul aircraft: codeshare agreement (Alexandro Dias)

The airline revealed that it had reached agreements with lessors that include 113 aircraft and 48 engines as of this week. Other offers are being analyzed for the rest of the fleet, Gol said.

In the view of Gol executives, the financial situation will worsen in 2024, with a falling profit margin, before starting a recovery that in 2029 foresees total revenue of 30 billion reais (US$5.8 billion) and a EBITDA margin (profit before taxes) of 34% before and 23% currently.

Shares of the company, which is Brazil’s third-largest airline by domestic traffic, fell on Monday after a recovery last week with the announcement of the codeshare with Azul.

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