Brazilian airline Gol seeks $950m in financing to fund itself in bankruptcy

Gol Linhas Aereas Inteligentes is seeking around $950m to fund itself in bankruptcy, according to people with knowledge of the matter. The Brazilian low-cost airline is in discussions with creditors to raise the debtor-in-possession financing ahead of a planned Chapter 11 filing in the US, said the people, who asked not to be identified discussing a private matter. A representative for Gol declined to comment. Folha de S. Paulo earlier reported that Gol was planning to file for bankruptcy. In December, Gol said it was working with Seabury Capital to review its capital structure. The airline has already gone through several rounds of restructuring and capital raising since the onset of the pandemic. It’s working on a deal with its own creditors while also seeking to renegotiate agreements with lessors. On top of its high costs and heavy debt burden, the company has struggled to take advantage of a rebound in demand for Brazillian flights due to a delay in Boeing Co. airplane deliveries.<br/>