Gol aims to complete Chapter 11 restructuring by end April

Restructuring Brazilian carrier Gol is hoping to exit Chapter 11 bankruptcy protection by the end of April as it today reported progress in restoring capacity during the third quarter. The updated timeline on completion comes after Gol earlier this month reached a key debt-for-equity agreement with majority shareholder Abra group. The agreement, secured 10 months after the Brazilian airline entered the formal financial restructuring process, will eliminate up to $2.55b in debt from the carrier’s books and see Abra receive around $950m in new Gol equity. “With this agreement we have the majority of the key terms of the restructuring plan defined and we project that our exit from this process will take place by the end of April 2025,” said Gol CE Celso Ferrer, speaking during a third-quarter results presentation today. Gol expects to submit its reorganisation plan to the court handling its Chapter 11 process before year-end. “Despite the challenges we have faced, this process is positive for Gol’s history, addressing all the necessary points to support our sustainable growth in the coming years,” he adds. Ferrer also flags that the carrier has during the third quarter completed commercial negotiations with its aircraft and engine lessors. He says 139 aircraft and 58 engine leases have been renegotiated and approved. “Since the end of the third quarter, we have continued to sign contract amendments with the lessors with changes to the payment flows to ensure the financial health of the company. <br/>