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The Brazilian airline GOAL began the restructuring process under Chapter 11 of the USA to strengthen your financial position.
Faced with a complex economic panorama that has multiplied in recent months and after several weeks of rumors about its stability and continuity in the challenging Brazilian airline market, GOAL voluntarily accepted the Chapter 11 of the USA, following the path that airlines such as LATAM, Avianca and Aeromexico, process from which they emerged economically strengthened.
GOL enters the Chapter 11
GOL Linhas Aéreas Inteligentes S.A., announced that GOAL and its subsidiaries, will enter voluntarily with the request for Chapter 11 In the bankruptcy court of the USA For the South District of New York (United States Court). The Chapter 11 It is a legal process of the United States used by companies to increase capital, restructure your finances and strengthen your long -term commercial operations, while continuing to operate normally.
GOAL The legal process in the United States begins with a US $ financing commitment 950 millions, In the modality debtor in possession (“DIP) members of the ad hoc bondholders group, along with other opening holders. The Company will seek access to this financing as part of the First Day hearing with the US Court, scheduled for the next few days. This financing is subject to judicial approval and, together with the box generated by the ongoing operations, will substantially strengthen liquidity to support operations that continue normally during the financial restructuring process.
With the support of the process supervised by the Court and with the additional liquidity of DIP financing, passenger flights operated by goal, Gollog load flights, Smiles loyalty program and other Company operations continue as normal. GOL will continue to offer its safe air travel services, reliable and low cost, providing the best travel experience for customers, that they will be able to continue planning their trips in the same way they always did. The Smiles program will not have any changes, as well as, codeshare agreements (codeshare) and interline (interline), which will continue to be available to Customers.
“GOL has been making significant efforts to offer the best and most reliable travel experience to its Clients., at the same time that it improved its results and financial position” declared Celso Ferrer, CEO. "Until now, We made notable progress and we believe that this process will allow us to overcome the challenges generated by the pandemic, At the same time we maintain a high level of services that we offer to our clients. This process will allow GOL to further expand its position of being one of the main airlines in Latin America., keeping at the same time, the purpose of “Being First for All”. We are confident that the measures being taken, will allow GOL to continue offering the lowest rates, With exceptional travel experiences to customers, In a greater number of routes. Our employees will continue with their day-to-day activities normally., taking care of the quality and safety of our flights. We are grateful to have been able to move forward with the commitment of new capital that will help advance our long-term strategies, including improving access, The travel experience and being chosen by our clients”.
GOL will use this process to restructure its short-term financial obligations and strengthen its capital structure for long-term sustainability.. The company expects to emerge from this process with a significant capital investment, including new US $ 950 Millions in DIP Financing, positioned to expand its vision as a leading airline in Latin America.
Despite its capital structure challenges and lower aircraft availability, GOL's operational performance remains solid. In 3T23, GOL delivered one of the best operating results for Latin American airlines, and the fourth consecutive quarter of consistently high operating margins. The Company's net operating income reached a historical record of R$ 4,7 trillions, with a growth of 16,4% compared to the same period of the previous year, mainly due to the significant contribution of revenue from the Smiles Loyalty Program business units and GOLLOG cargo operations, that as a whole grew a total of 65,1% In 3T23 (vs. 3T22) and totaled r $ 412,6 million in the period. in december 2023, the occupancy rate reached 82,7%, an increase of 4,8% compared to the same period of the previous year. Operational goal indicators related to punctuality, regularity, Occupancy rate and daily use of the operational fleet demonstrate its focus on efficiency and productivity.
Taking care of our employees, suppliers and all our allies
GOL continues to operate normally during the supervision process conducted by the US Court. The Company will pay salaries and benefits to its employees normally throughout this process., and nothing will change in your daily activities.
Protecting suppliers and all partners
The businesses of GOAL will continue normally during the oversight process conducted by the US Court and companies will honor commitments to business partners and suppliers for goods and services provided on or after the date of Chapter 11.
Clients will be served normally
The clients of GOAL They will be able to continue planning their trips and fly with the Company as usual, including the use of tickets and vouchers. GOL Customers will continue to accumulate their miles to fly with the Company and will be able to buy and redeem their accumulated miles through Smiles. Goal plans to fulfill all its obligations with its customers, including passage refunds, travel coupons and credit payments associated with baggage or service claims, in accordance with its current policies.
About Chapter 11.
The Chapter 11 is a well-established and flexible judicial process for business restructuring, with operations in multiple jurisdictions. This process allows companies to strengthen their financial position, while continuing to operate normally under the supervision and approval of the judicial system of the USA. The process of Chapter 11 It has been used successfully by many international airlines., including Latam, United Airlines, Delta, Aeroméxico and Avianca Colombia.
GOAL You have confidence that this process attends the greatest interests of your stakeholders, including employees and customers, that will continue to have an offer of accessible flights, safe and reliable, in addition to the best service.
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