Gol replaces CFO amid restructuring; director departs after raid

Gol Linhas Aereas Inteligentes SA CFO Edmar Lopes is stepping down, a key departure amid the struggling airline’s effort to gain solid footing through negotiations with suppliers and creditors. Richard Lark will replace Lopes, taking over the task of helping the airline survive Brazil’s toughest recession in at least a century. Lopes was unable to persuade enough investors last month to accept an exchange offer for $780m in dollar-denominated debt. The offer was deemed a crucial part of the company’s efforts to survive in Brazil’s shrinking air travel market. Lark takes Lopes’s place leading negotiations with aircraft lessors to return 20 Boeing 737s from its 143-plane fleet by the end of the year. The company is also talking with Banco do Brasil SA and Banco Bradesco SA about the terms of 1.05b reais (US$319m) in local-currency bonds. The banks already waived a convenant. Lark has the benefit of additional breathing room due to the real’s gains since the beginning of the year, making up ground after last year’s dramatic drop. The Brazilian currency is the best performer among major currencies, with a 22% increase against the dollar this year. <br/>