GOL emerges from Chapter 11 with $900 million in liquidity and new ownership structure
Following the restructuring, Abra Group consolidates its position as majority shareholder with an 80% stake, bringing operational synergies through its ties with Avianca and Wamos Air. GOL exits Chapter 11 with $900 million in cash and reduced leverage, poised to execute its five-year expansion plan.
GOL Linhas Aéreas announced on Friday, June 6, the completion of its financial restructuring under Chapter 11 in the United States. The airline exits the process with approximately $900 million in liquidity and a revamped capital structure that positions Abra Group as its controlling shareholder, now holding about 80% of the company.
The restructuring, overseen by the U.S. Bankruptcy Court for the Southern District of New York, leaves GOL financially stronger. The airline secured $1.9 billion in exit financing, fully repaid its DIP financing, and approved a capital increase of more than R$12 billion (around $2.15 billion USD). As a result, GOL reduced its leverage to 5.4x, with projections to lower it below 3x by the end of 2027.
“With the conclusion of this process, we are ready to move forward with our mission of being ‘First for Everyone,’” said Celso Ferrer, CEO of GOL. He highlighted that the company is now stronger after streamlining its fleet, optimizing costs, and redesigning its route network. These efforts are reflected in its 2024 performance, during which GOL was Brazil’s most punctual airline and transported 30 million passengers.
Key takeaways from the new GOL
• What does exiting Chapter 11 mean? GOL has completed its financial reorganization, significantly reduced its debt, and now operates with a robust liquidity position of $900 million.
• Who controls GOL now? Abra Group, which also holds strategic stakes in Avianca and Wamos Air, now controls about 80% of GOL’s shares.
• Will GOL’s shares change? Yes. Starting June 12, 2025, GOL’s shares (e.g., GOLL4) will trade on Brazil’s B3 stock exchange under the new code GOLL54, with a new lot size and pricing format.
Abra Group’s backing is a key element of this new chapter. The holding company, which also invests in Avianca and Wamos Air, provides GOL with financial support and operational synergies. GOL’s business units are also driving its future growth: the Smiles loyalty program reported R$5.3 billion in revenue in 2024, and the GOLLOG cargo division surpassed R$1 billion in revenue for the first time.
The restructuring also brings changes for investors. From June 12, 2025, GOL shares will be traded on the B3 stock exchange under new tickers: GOLL53 for common shares and GOLL54 for preferred shares, with a new trading lot of 1,000 shares. Existing shareholders will have preemptive rights to subscribe to newly issued shares.
In addition, there are changes in the Board of Directors: Ricardo Constantino and Paul Stewart Aronzon have stepped down, while Manuel José Irarrázaval Aldunate and Antonio Kandir have been appointed, with Kandir named the new Vice Chairman of the Board.
AUTOR
Desde 2017, haciendo periodismo aeronáutico. Award-Winning Journalist: Ganador de la edición 2023 de "Periodismo de Altura", otorgado por ALTA. Facts don't care about your feelings.
Comentarios
Para comentar, debés estar registrado
Por favor, iniciá sesión