Brazil's Gol speeds up fleet renewal to reduce debt costs

Gol Linhas Aereas said it will replace 13 Boeing 737 Next Generation aircraft with the newer Boeing 737 MAX-8 between 2019 and 2021 as part of a plan to accelerate its fleet renewal and reduce debt costs. In a securities filing Wednesday, Gol said the decision to execute sale and leaseback agreements with investment firms Castlelake and Apollo Aviation comes during a favourable time for selling NGs. Under the plan, 13 NGs will be returned upon receipt of the more fuel-efficient 737 MAX-8 jets, which will make up the backbone of the carrier’s fleet. Gol’s planned capacity will not change as a result of the renewal plan, it said. The move will reduce the company’s net debt by approximately US$280.48m, it said. <br/>