Brazilian low-cost carrier Gol has responded to a report linking it to a Chapter 11 filing by stating that it is yet to make a decision on how it will proceed with a capital restructuring effort.
The carrier launched a review – aided by Seabury Capital – of its capital structure in December 2023, “with the objective of raising resources to fulfil [the business’s] financial commitments”, Gol said in a 16 January stock exchange statement.
Gol notes that it “remains committed to the objective of raising funds to strengthen its cash flow and continues in discussions with its financial stakeholders to achieve the aforementioned consensual restructuring”.
It adds, however, that despite Brazilian newspaper Folha de S.Paulo suggesting on 14 January it was considering a Chapter 11 bankruptcy protection filing in the USA, “there is, at this date, no definition on the form of its implementation”.
The carrier says that alongside the review of its capital structure, it is continuing negotiations with lessors, “to achieve a comprehensive, consensual restructuring of fleet obligations”.
Gol is part of the Abra Group, the recently formed Latin American holding company for the Brazilian carrier and Colombia’s Avianca.
