GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) has finalised the USD1.9 billion financing package necessary to exit Chapter 11 restructuring, with new investors providing more funds than the carrier previously anticipated.

According to the airline's stock market disclosure dated May 16, the package will comprise USD570 million from new investors. GOL previously planned to obtain USD495.5 million from new investors but decided to adjust the structure of the financing after attracting USD796.5 million in tentative commitments.

The airline said it negotiated with the group of holders of the 8.00% senior secured notes due 2026 issued by Gol Finance, a Luxembourg-based entity, to reduce their commitment from the original USD125 million to USD50 million. This freed up USD75 million, which was reallocated to new investors.

GOL said that the high demand allowed it to lower the interest rate on the financing from 14.625% to 14.375%.

The package also comprises USD1.25 billion provided by Castlelake and Elliott Investment Management, and USD30 million in new money raised through the 2026 rights offering.

The hearing to approve the airline's Chapter 11 restructuring plan is scheduled for May 20, 2025, and GOL expects to emerge from the restructuring in early June 2025.