GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) plans to deregister its preferred shares and American Depositary Shares (ADSs) in the United States as it looks to terminate its reporting obligations in the country, the airline said in a stock market filing.
The Brazilian carrier initiated the termination of its ADS programme by notifying The Bank of New York Mellon, it outlined in a statement on February 26. Unless the SEC objects, GOL's full deregistration is expected to take place within the next 90 days.
The company, currently under a Chapter 11 bankruptcy process, has already delisted from the New York Stock Exchange (NYSE), after suspending its trading on January 26, 2024. The official removal from the NYSE occurred on February 9, 2024.
GOL will continue to be a publicly traded company in Brazil, with its shares listed on the São Paulo Stock Exchange under the ticker GOLL4.
The carrier hopes to emerge from Chapter 11 later this year. In parallel, its parent company, Abra Group, is in discussions with Azul Linhas Aéreas Brasileiras about a potential merger between the two Brazilian airlines.
