GOL, a partner of Air France and KLM in Brazil, immediately pledged $950 million in financing to new creditors. This measure still needs the approval of the US authorities.
In a statement, Gul described Chapter 11 as a “well-established and flexible legal framework” for restructuring business operations, including companies outside the United States. He added: “The legal process ensures that companies are able to strengthen their financial position and continue business as usual, under the supervision and approval of the American legal system.”
Other airlines that have successfully filed for Chapter 11 include United Airlines and Delta Air Lines in the United States and Latin American airlines LATAM, Aeromexico and Avianca Colombia. In Europe, Scandinavian Airlines SAS is currently conducting this procedure.
GOL, together with LATAM and Azul, is one of the three main airlines in Brazil, with a fleet of about 140 Boeing 737 aircraft of the -700, -800 and MAX 8 types. The budget airline works extensively with Air France – KLM , including through code sharing agreements. .
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