GOL Linhas Aéreas Inteligentes announced the submission of its reorganization plan under Chapter 11 to the United States Bankruptcy Court. This step marks a key milestone in the company’s financial and operational restructuring process, which involves Abra Group Limited, the largest secured creditor and majority shareholder of both GOL and Avianca Group.
The plan was developed in collaboration with unsecured creditors and is part of the Plan Support Agreement (PSA) announced on November 6.
Key points of the plan
- Debt reduction: GOL will convert up to $1.7 billion in secured debt and $850 million in other obligations into equity or extinguish them. This will result in a significant dilution of current equity, although shareholders’ preemptive rights under Brazilian law will be respected.
- Participation of Abra Group: Abra will receive $950 million in new equity and $850 million in convertible debt. An amount of $250 million will be convertible into equity if GOL meets certain valuation targets within 30 months after exiting Chapter 11.
- Capital injection: The airline plans to raise up to $1.85 billion in new capital, including $330 million from third-party investors, to ensure liquidity and support its growth strategy.
- Aircraft leases: GOL will maintain its fleet lease agreements, restructured under pre-negotiated arrangements with its lessors.
- Disclosure statement and voting: The company has submitted a disclosure statement to allow creditors to review and vote on the plan. The hearing for its approval is scheduled for January 15, 2025, after which the voting process will begin.
According to GOL, the submission of this plan allows it to stay on track for an orderly and timely exit from Chapter 11, ensuring the operational and financial stability needed to continue leading the Brazilian market.
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