GOL Airlines Files for Chapter 11 Bankruptcy

GOL Airlines (Boeing 737 MAX 8)

Brazil’s GOL Airlines has filed for Chapter 11 bankruptcy protection at the United States Bankruptcy Court for the Southern District of New York.

The airline will continue regular operations, maintaining its loyalty program, codeshare flights, and interline agreements. Employees will be protected, and salaries will be paid as usual.

Contingent upon court approval, the company will receive bridge financing of $950 million in Debtor-in-Possession (DIP) financing from its creditors to restructure its debt and strengthen its capital structure.

Founded in 2001, GOL Airlines owns a fleet of 141 Boeing 737 aircraft and has expanded its network throughout Latin America. The airline has achieved a high operating profit margin for four consecutive quarters, and in December, it reported a seat occupancy rate of 82.7%.

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