The U.S. bankruptcy court has approved Gol's Chapter 11
restructuring plan, the Brazil-based airline announced Tuesday. The carrier entered
bankruptcy in January 2024 and expects to emerge from its restructuring
process in early June.
Gol has secured the necessary financing to bolster
liquidity, restructure its debt and finance its bankruptcy exit, the carrier
said. In 2024, the carrier overhauled more than 50 engines and "remains on
track to have all aircraft in the air by the first quarter of 2026." Gol
also expects the delivery of five Boeing 737 Max planes in 2025, it added.
The carrier is part of the Abra Group, which also includes
Avianca. Gol has partnerships with American
Airlines in the United States and Air
France-KLM in Europe.
Abra in January signed a memorandum of understanding with another
low-cost carrier, Azul, to combine its operations with Gol in Brazil, where
Azul also is based. The two carriers have approximately 90 percent
complementary and non-overlapping routes, according to an Azul statement at
that time.
Azul has been having financial difficulties and on May 16
issued a statement after press reports that it was exploring a U.S. bankruptcy
filing. "Azul informs that, in the ordinary course of its financial and
strategic management, it constantly monitors alternatives that may contribute
to strengthening its capital structure and preserving liquidity, with a focus
on the long-term sustainability of its operations," the carrier wrote.
"As previously mentioned in its 'Quarterly Earnings
Release' issued on May 14, 2025, the Company believes it has made significant
progress in reducing its debt and leverage, and clarifies that it remains in
ongoing discussions with its partners to optimize its capital structure and
liquidity position."