Gol wins approval for $950m in new financing
GOL, a leading domestic airline in Brazil, has received key approvals from the United States Bankruptcy Court for the Southern District of New York in its legal financial restructuring.
The…
GOL, a leading domestic airline in Brazil, has received key approvals from the United States Bankruptcy Court for the Southern District of New York in its legal financial restructuring.
The approvals granted by the US court ensure that GOL will continue operating as normal during the process.
The US court approved interim access to the $950 million in debtor-in-possession (“DIP”) financing that was committed by members of the Ad Hoc Group of Abra Bondholders, as well as certain other Abra bondholders.
The company intends to seek final approval of the financing at a hearing in the coming weeks.
In the meantime, GOL will have immediate access to part of the new liquidity. With this approval, GOL will honour commitments to business partners and suppliers of goods and services provided on or after the filing date of January 25, 2024, and will continue paying employee salaries, wages and benefits.
“We are pleased by this successful start to our legal financial restructuring. Obtaining the US court’s authorisation to access new financing will enable GOL to continue operating in the normal course, as we anticipated,” said Celso Ferrer, CEO.
“GOL’s purpose is ‘Being the First for All’, and we initiated this process not only for the benefit of our company and our Employees, but to make us an even stronger airline for our customers, suppliers and all our partners.
“Moving forward with the support of our lenders, we are confident that we will continue to advance our long-term strategies, including improving affordability, the travel experience and customer choice. We thank our talented team and dedicated partners, suppliers and passengers for their continued support.”
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