GOL.N News & Events

GOL Linhas Aereas Inteligentes announced that the U.S. Bankruptcy Court has decided to confirm GOL's Chapter 11 Plan of Reorganization. "With confirmation secured, GOL remains on track to emerge from its restructuring process in early June 2025," the company stated. GOL added: "Having secured confirmation of its Plan, GOL is now focused on completing the final steps necessary to complete its exit from the Chapter 11 process, including its shareholders' meeting to approve the capital increase contemplated under the Plan, which will take place on May 30, 2025. Following implementation of the Plan, Abra will remain GOL's largest indirect shareholder. GOL reiterates that, under the terms of the Plan, it will significantly reduce its indebtedness by converting into equity or extinguishing up to approximately US$ 1.6 billion of its pre-Chapter 11 funded debt and up to approximately US$ 850 million of other obligations. As such, considering that the conversion will be carried out based on the economic value of GOL's shares prior to the conversion, in accordance with applicable law, a substantial dilution of GOL's currently outstanding shares is expected (subject to shareholders' preemptive rights as provided under Brazilian law)."

Brazil's Azul (AZUL) and Abra Group, the principal shareholder for rival Gol Linhas (GOL), have reached an agreement to work toward a merger, possibly creating one of the biggest air carriers in the region, Bloomberg's Ezra Fieser and Rachel Gamarski report. Executives from both companies signed a non-binding memorandum of understanding, opening discussions for a merger process, the authors note.