GOL Linhas Aereas Inteligentes has emerged from its US Chapter 11 restructuring on June 6, 2025. The airline said it is entering its “next phase” with plans to expand its fleet and network.
GOL said it remains on track to have all of its 737 fleet in the air by the first quarter of next year after overhauling over 50 engines on its fleet last year. The company also expects to have five 737 MAX deliveries this year. Furthermore, the airline said it is “well-positioned” to deploy its rebuilt capacity both domestically and internationally by leveraging its presence in key Brazilian hubs. The company highlighted strategic global partnerships allowing for adding new services profitably to new or underserved routes, both domestically and internationally.
“With our financial restructuring process now complete, we are ready to continue driving forward on our purpose of ‘being first for all’,” said GOL CEO Celso Ferrer. “Today, we are significantly stronger. We have rationalised our fleet, optimised our costs, redesigned our network, enhanced our operational focus, and driven management efficiencies which — supported by solid customer preference, robust demand, and a five-year plan that will bring more investments in customer experience as well as new routes — will allow us to continue to drive success.”
The US Bankruptcy Court for the Southern District of New York oversaw the process.
The company said that with it having now secured $1.9bn in exit financing during the court-supervised process and repaying its DIP maturity in full, GOL is now moving forward with a strong liquidity position of approximately $900 million, significantly reduced leverage of 5.4x, and projected net leverage below 3x by year-end 2027. The company said this strengthened financial position will allow it to invest in further network expansion.
The airline had sought bankruptcy in 2024 after dealing its debt, as well as being impacted by the pandemic and delivery delays.
As of exiting the restructuring, Ricardo Constantino and Paul Stewart resigned from the company's board of directors, while Manuel Jose Irarrazaval Aldunate was appointed as a member of the board. With Constantino's resignation, Antonio Kandir has been appointed as the new vice president of the board.
Milbank acted as legal advisor to GOL, while Seabury Securities acted as financial advisor, investment banker, lead placement agent for the $1.9bn exit notes. BNP Paribas acted as bookrunner and placement agent for the exit notes. AlixPartners acted as financial advisor. In addition, Lefosse Advogados acted as GOL's legal advisor.
Wachtell, Lipton, Rosen & Katz acted as legal counsel to GOL's holding company Abra. Rothschild & Co acted as financial advisor in connection with the restructuring. In addition, Pinheiro Guimaraes served as Abra's Brazilian counsel and Slaughter & May as Abra's English counsel.