Air France-KLM, American Airlines, IAG International Airlines Group, Lufthansa Group, and United Airlines are interested in investing in GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) as part of the Brazilian airline’s Chapter 11 proceedings and are in talks with the carrier, the Brazilian newspaper Valor Econômico reported.
The companies are reportedly keen on investing in GOL as part of its anticipated exit from Chapter 11 bankruptcy protection, with the aim of securing better connectivity for their flights within GOL’s domestic networks from São Paulo Guarulhos and Rio de Janeiro International. They are said to be interested in acquiring non-controlling stakes either via shares or debt.
In a statement to ch-aviation, American Airlines said it is aware of GOL’s ongoing restructuring. "Our agreement with GOL gives customers access to dozens of additional destinations in South America and affords GOL customers access to more destinations in the US and beyond. American is committed to providing great service for our customers in the region for years to come.” The US carrier owns 5.29% of GOL’s shares following a USD200 million investment in 2022.
Discussions between GOL and these companies were accelerated following the announcement by Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) and GOL’s parent, Abra Group, that they had signed a Memorandum of Understanding setting the foundations for a potential merger between both Brazilian carriers. If this transaction were to proceed, the combined entity would control nearly 62% of the Brazilian domestic market by capacity and potentially lock out some European and North American airlines from two out of three of the largest carriers in Brazil and South America as a whole.
GOL has codeshare agreements with American Airlines and KLM Royal Dutch Airlines, while Azul codeshares with United.
GOL Linhas Aéreas expects to emerge from Chapter 11 bankruptcy protection in the second quarter of 2025. It recently updated its five-year financial restructuring plan, which plots an increase in its fleet to 167 aircraft, from 138 now, and a recurring EBITDA of BRL11.6 billion reais (USD1.97 billion) by 2029.
ch-aviation has reached out to the carriers for comment. GOL, Air France-KLM, and Lufthansa Group declined, while United Airlines and IAG were not immediately available.
