GOL Linhas Aéreas Inteligentes (GOL) has announced a plan to exchange outstanding bonds for new debt. The terms of the bond exchange, set out below, requires investors in Gol’s perpetual bond to assume a 70 percent loss, while those holding notes due in 2020, 2022 and 2023 would take a haircut of 65 percent. The loss proposed for bondholders of the 2017 notes is 30 percent. The plan calls for the postponement of almost all debt repayments scheduled for this and next year. This will help GOL find additional funding worth approximately $85 million, which is needed to help the

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