{"id":147445,"date":"2024-01-25T15:30:22","date_gmt":"2024-01-25T15:30:22","guid":{"rendered":"https:\/?p=147445"},"modified":"2024-01-26T12:30:43","modified_gmt":"2024-01-26T12:30:43","slug":"brazils-gol-filing-for-chapter-11-bankruptcy-protection-in-us","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2024\/01\/brazils-gol-filing-for-chapter-11-bankruptcy-protection-in-us.html","title":{"rendered":"Brazil’s Gol filing for Chapter 11 bankruptcy protection in US"},"content":{"rendered":"\n

Brazilian airline Gol <\/strong>reported Thursday that it is filing for Chapter 11 bankruptcy protection in the United States, with a $950 million financial commitment from its holding company Abra Group.<\/p>\n\n\n\n

Abra also controls the airline Avianca, although both operate separately.<\/p>\n\n\n\n

The decision was somewhat expected after media reports earlier this month that Gol was considering action, even as the company maintained that it was seeking a “consensual” restructuring in talks with creditors.<\/p>\n\n\n\n

\u2192 GOL to operate direct flights to Bogota from Sao Paulo and Buenos Aires in 2024<\/a><\/em><\/strong><\/p>\n\n\n\n

Gol said it will use the bankruptcy protection to “restructure its finances and strengthen long-term business operations, while continuing to operate normally.”<\/p>\n\n\n\n

Analysts and rating agencies say Gol has solid operating figures in a context of strong demand for air transport in Brazil, but that high lease and interest expenses have been pressuring its cash flow and negatively affecting its debt profile.<\/p>\n\n\n\n

The company has also faced capacity problems due to delays in Boeing aircraft deliveries, which according to Gol’s CEO are preventing it from growing at the pace it would like.<\/p>\n\n\n\n

Gol had a 33% market share in Brazil’s aviation sector last year, second only to LATAM Brazil.<\/p>\n\n\n\n

With information from Reuters<\/a><\/p>\n\n\n\n

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