01/27/2024 – 7:24
The New York Bankruptcy Court accepted Gol's request for judicial recovery. The company filed the request last Thursday, 25th, through the Chapter 11. The financing amount will be US$950 million, and creditors are prevented from purchasing the airline's assets.
+ CEO of Gol: The restructuring is expected to last less than that of AL airlines
The order also applies to all its subsidiaries. The airline did not say what its current debt is, but, according to data released in September last year, the company had, at that time, R$20.2 billion in debt. In the request to the USA, a debt of US$8.3 billion was declared.
The amount of US$950 million will be used to restructure short-term financial obligations and strengthen its capital structure for long-term sustainability.
“Gol is confident that this process serves the best interests of its stakeholders, including employees and customers, who will continue to count on the offer of affordable and safe flights, in addition to the best service,” said the company, in a statement. Gol's debt is primarily owed to aircraft lessors. Still, the company says it will not reduce its fleet of planes available in the locations where it operates.
Will Gol flights be affected?
To the press, Gol says that all of its operations, including the Smiles loyalty program and agreements with other airlines, continue to operate normally.
“The decision to enter (with judicial recovery) is to ensure that the company has the correct capital structure to face the challenges of the aviation industry. All flights continue to operate as scheduled and sales are maintained”, commented Ferrer.
With 14 thousand employees, Gol also confirmed that there are no layoffs expected and that its employees continue to operate as usual.
“There is no precision in reducing operations, personnel or the number of bases that Gol currently has. We are resorting to Chapter 11 precisely to protect (the company) from any action that may be taken by aircraft lessors. In the meantime, we have time and conditions for negotiations to be carried out”, added the CEO of Gol.
Currently, the airline has 143 planes in its fleet. All of them are the Boeing 737 model. Last year, the company should have received 15 new aircraft as ordered from the North American manufacturer, however, only one was delivered. In another statement, Gol reaffirmed its confidence in fulfilling all commitments to its passengers.
“Gol customers will be able to continue to organize their trips and fly with the company as they have always done, using tickets and vouchers,” he said in a statement.
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