Gol responds to reports on the negotiations with leasing companies

Martin Romero

Gol Linhas Aéreas issued a response to an article published in a Brazilian print media regarding the review of lease contracts and possible aircraft returns. This response is based on a statement presented to the Securities and Exchange Commission (SEC) of the United States.

The airline has confirmed that the statement aligns with the provisions of Resolution No. 44 of the Brazilian Securities and Exchange Commission (CVM), dated August 23, 2021 (“Resolution CVM 44”), and in response to Letter CVM No. 95/2024/CVM/SEP/GEA-2.

According to our affiliated media Aeroin, the company responds to the article published on April 11, 2024, by Folha de São Paulo, titled “Gol says it must reach an agreement with owners in the coming weeks“.

According to the article, Gol had progressed in negotiations with leasing companies, and it was expected that an agreement would be reached in the coming weeks. The return of 16 aircraft from its fleet was mentioned as a result of these discussions with aircraft owners.

Through this statement, Gol Linhas Aéreas confirms that negotiations with leasing companies have not yet reached a definitive agreement. Therefore, the return of aircraft is not confirmed at this time.

The airline filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court on January 26 in an attempt to overcome its current financial crisis. These negotiations with suppliers are part of this process.

In addition, Gol faces delays in the delivery of new Boeing aircraft, further complicating the situation.

The press release issued by Gol communicates the following to its shareholders:

(a) At a hearing held on April 10, 2024, the court overseeing the process described in the company’s Chapter 11 approved the Term Sheets that had been negotiated with five (5) of GOL’s aircraft lessors.

(b) The court approval of these Term Sheets indicates the possibility of moving forward with the conclusion of agreements with the company’s aircraft lessors in the coming weeks.

(c) In addition, it should be noted that as part of the ongoing restructuring process, the company has the opportunity to decide whether to accept or reject certain contracts, including aircraft leases. Therefore, it is expected that some aircraft will be returned to the lessors, as is usually the case in similar processes.

d) The terms of the Chapter 11 procedure are public. In addition, in accordance with the Significant Event published on January 29, 2024, the Company has committed to provide further information on the Chapter 11 process through its website www.GolFirstForAll.com. Similarly, the Company has advised that court filings and other related information are available on a separate website operated by the Company’s claims agent, Kroll Restructuring Administration LLC (Kroll), at https://cases.ra.kroll.com/GOL, or by calling Kroll at 844 553 2247 (U.S./Canada) (toll free) or +1 646 77 231 5 (International).

(e) Notwithstanding the foregoing, the Company clarifies that it understands that the above facts do not constitute a material fact and do not give rise to the disclosure obligation under CVM Resolution 44, as (i) these facts are only a consequence of ongoing legal proceedings and do not represent significant milestones of the planned restructuring, (ii) negotiations with the aircraft lessors are still ongoing and no binding agreement has yet been executed, and (iii) negotiations related to the return of the Company’s aircraft have not yet been finalized.

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