GOL enters Chapter 11 process
GOL Linhas Aéreas Inteligentes and its subsidiaries have voluntarily filed for Chapter 11 in the US bankruptcy court for the southern district of New York. The Brazilian LCC, which also operates six B737-800 freighters, remembers that this process has been used successfully by many international airlines, including Latam, United Airlines, Delta, Aeroméxico and Avianca Colombia.
GOL is entering the US legal process with a financing commitment for USD 950 million in new debtor-in-possession financing from members of the ad hoc group of Abra bondholders, as well as certain other Abra bondholders.
With the support of the court-supervised process and the additional liquidity from the DIP financing, company operations such as its Gollog cargo flights continue as normal. (ah)