Contrary to what was reported by CNN Brazil last Friday, January 26th, where it was stated that GOL Linhas Aéreas had received approval on the same day from the Bankruptcy Court of the Southern District of New York, United States, for its legal financial restructuring, the company announced that it had obtained such approval today, January 29th.
The authorizations granted by the U.S. Court in the «First Day hearing» ensure that GOL will continue to operate normally during the process, as previously communicated.
As expected, the U.S. Court preliminarily approved GOL’s access to the $950 million financing under the «debtor in possession» («DIP») arrangement, granted by members of the Abra bondholders’ ad hoc group and other Abra bondholders, a holding company to which the Brazilian firm, as well as Colombian Avianca, belongs.
GOL explains that it will seek final approval to fully access the financing at a hearing that will take place in the coming weeks. Meanwhile, GOL will have immediate access to a portion of the new liquidity.
With the approval, the airline assures that it will fulfill all commitments to business partners and suppliers of goods and services provided since the start of the process, on January 25, 2024, in addition to paying salaries to its employees.
GOL also describes that, with access to these resources, it will continue offering flights as well as the purchase and use of miles accumulated through the Smiles loyalty program. Likewise, GOL’s codeshare and interline agreements will remain available to customers.
«We are pleased with the successful start of our legal financial restructuring. The authorization from the U.S. Court to access new financing will allow us to continue operating normally, as we anticipated,» commented Celso Ferrer, CEO of GOL.
«Moving forward with the support of our creditors, we are confident that we will continue with our long-term strategies, including improvements in accessibility, travel experience, and options for our customers. We thank our talented team and our dedicated partners, suppliers, and passengers for their ongoing support,» he added.
