GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) has enabled up to USD235 million to be released for capital distribution to general unsecured creditors after concluding talks with Boeing as part of its ongoing Chapter 11 bankruptcy process.
The conclusion of the negotiations with the manufacturer represents a new milestone in GOL’s overall restructuring objectives, the company said in a notice to the markets. It aims to emerge from its Chapter 11 reorganisation in 2025.
“Together with the previously disclosed tax settlement and in line with the restructuring plan outlined, the agreement and tax settlement will enable an increase to a minimum of USD235 million in capital distribution to general unsecured creditors,” it said, adding that any further increase is dependent on talks with other creditors.
The Brazilian airline aims to significantly reduce its indebtedness by converting in equity or extinguishing up to around USD1.7 billion of its pre-Chapter 11 funded debt and USD850 million of other obligations.
GOL has an order for ninety-one B737 MAX aircraft direct from Boeing. The company projects the company’s fleet to grow to 167 aircraft by 2029, up from 139 at the moment. Its fleet comprises twelve B737-700s, sixty-six B737-800s, seven B737-800(BCF)s, and fifty-four B737-8s.
