Gol Airlines, the largest in Brazil for domestic flights, announced on Thursday that… It was voluntarily filed for Chapter 11 of the Bankruptcy Code United StateIt is a formula that allows a company that cannot pay its debts to restructure without pressure from creditors.
“The company will use the American mechanism to strengthen its financial position“Gul reported in a statement sent to the market.
The company explained that while it negotiates debt refinancing, it will continue to provide its air transportation services in a “safe, reliable and uninterrupted manner.”All operations continue normally, as well as the validity of your tickets and reservations.
The airline said its intention is to use the American judiciary as an intermediary In the process of raising capital, restructuring its financial resources and enhancing long-term business operations.
This is the same tool used by LATAM Airlines in 2020which dominates the international aviation market in Brazil, to overcome the serious crisis it has suffered as a result of the Covid-19 pandemic.
The same separation has been successfully used by other international airlines Affected by the epidemic, such as United Airlines, Delta, Aeromexico and Avianca Colombia.
Gul needs to restructure a debt that, according to the last disclosed balance sheet, amounted to 20,200 million riyals (about 4,122 million dollars) as of September last year.. To begin the process, the airline said it already has a $950 million financing commitment advanced by members of the group allocated to the owners of Abra Securities, the group that controls the Brazilian airline and Colombia's Avianca.
This financing depends on the New York Court accepting your request to benefit from the Bankruptcy LawGul announced that he will try to release the resources in the first session he will attend before the American courts scheduled to be held in the coming days.
“Financing requires judicial approval, in addition to resources generated from ongoing operations. It will provide significant liquidity to support operations that continue normally during the restructuring processAccording to the statement.
This was stated by the CEO of the airline, Celso Ferrer, in statements contained in the statement The company has already been able to improve its profits and financial positionTherefore, the restructuring process “will allow you to definitively address the challenges resulting from the pandemic.”
According to the executive authority, despite the challenges and limited availability of aircraft, The company had one of the best operating results in the third quarter of last year For an airline in Latin America.
This was the fourth consecutive quarter in which the company earned “high operating margins.” And consistent,” in addition to recording total revenues of 4.7 billion riyals, i.e. 16.4% higher than the third quarter of 2022.
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