Brazilian airline GOL has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York.
The airline will continue its regular operations, including the operation of its loyalty program, the continuity of codeshare flights and interline agreements. Employees will be protected and receive their salaries as usual.
Subject to court approval, the airline is set to receive a $950 million debtor-in-possession (DIP) financing as a bridge loan from creditors. This will aid in rebuilding its debt and strengthening its capital structure.
Founded in 2001, GOL Airlines owns a fleet of 141 Boeing 737 aircraft and has expanded its network across Latin America. The airline has reported high operating margins for four consecutive quarters, with a seat occupancy rate of 82.7% in December.
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