GOL Claims It Has Emerged from Chapter 11 as a Stronger, More Competitive Airline
GOL Linhas Aéreas Inteligentes S.A., a leading Brazilian airline, has officially emerged from its Chapter 11 restructuring process in the United States. The company successfully completed its financial reorganization under the supervision of the U.S. Bankruptcy Court for the Southern District of New York, positioning itself with stronger liquidity, lower leverage, and a renewed focus on growth. CEO Celso Ferrer highlighted that GOL is now “significantly stronger,” with an optimized fleet, enhanced cost efficiency, and a five-year strategic plan focused on customer experience and route expansion.
Key elements of GOL’s transformation include a US$ 1.9 billion exit financing package, full repayment of its DIP facility, and a projected net leverage of below 3x by 2027. With US$ 900 million in liquidity, the airline is set to invest in network growth and improve services. Its Smiles loyalty program also celebrated a milestone, reaching 24 million members and generating a record R$ 5.3 billion in revenue in 2024.
In 2024, GOL recorded top on-time performance among Brazilian carriers, serving 30 million passengers across 65 domestic and 16 international destinations. The airline will continue to grow its network, supported by global partnerships and its strong presence in major Brazilian hubs. Cooperation with Abra Group—which also holds investments in Avianca and Wamos—will further boost connectivity, loyalty benefits, and shared resources across airlines in the region.
GOLLOG, the airline’s logistics unit, achieved a record R$ 1 billion in annual revenue for the first time, capturing a 36% market share and registering a 32% year-on-year growth. Meanwhile, the airline continues to strengthen its Boeing 737 fleet, with over 50 engines overhauled in 2024 and five new 737 MAX aircraft expected in 2025, aiming for full fleet operation by early 2026.
As part of a major capital increase approved in May 2025, GOL’s Board of Directors confirmed a capitalization of BRL 12 billion, issuing over 9 billion shares. Following this move, Abra Group Limited now controls approximately 80% of GOL's capital. The company also introduced new tickers and ISIN codes—GOLL53 for common and GOLL54 for preferred shares—effective June 12, 2025, with updated trading lots and preemptive rights mechanisms for shareholders.
Additionally, the company announced several leadership changes, including the resignation of board members Ricardo Constantino and Paul Stewart Aronzon, the appointment of Manuel José Irarrázaval Aldunate, and the designation of Antonio Kandir as the new Vice President of the Board. GOL worked with Milbank LLP, Seabury Securities, and AlixPartners during the restructuring, while Abra was advised by Wachtell, Lipton, Rosen & Katz, Rothschild & Co, and other leading law firms.
