GOL files for Chapter 11

GOL Linhas Aéreas Inteligentes (GOL) has voluntarily filed for Chapter 11 in the US Bankruptcy Court for the Southern District of New York. The Brazilian airline enters the US legal process with a financing commitment for US$950 million in new debtor-in-possession (DIP) financing from members of the Ad Hoc Group of Abra bondholders, as well as certain other Abra bondholders. GOL says that it will seek access to this funding as part of its First Day hearing “in the coming days”. The financing remains subject to court approval and, along with cash generated from ongoing operations, and will provide substantial