A Gol announced this Wednesday (6) an agreement with its main creditors to support its restructuring plan, which includes the conversion of approximately US$950 million in secured debt of the holding in new shares of the airline.
One of the signatories is Abramain investor in Gol and the Colombian company Aviancaand the agreement is related to Gol’s request for judicial recovery in the United States (the so-called “Chapter 11”), initiated in January 2024.
With the agreement, Gol said it plans to raise up to US$1.85 billion in new capital in the form of a Chapter 11 exit credit line to pay off the DIP (“Debtor-in-Possession” financing). companies in RJ) and provide additional liquidity to support the company’s future strategy.
Gol stated that it hopes to present the reorganization plan to exit judicial recovery before the end of this year “and currently projects its exit by the end of April 2025”.
Gol stated in a material fact that it will present a reorganization plan that will allow a “significant” reduction in its leverage, converting into shares, or otherwise extinguishing, up to US$ 1.7 billion of its pre-Chapter 11 debt and up to US$ $850 million of other obligations.
Abra, which holds US$2.8 billion in Gol credits, agreed to receive approximately 950 million in new shares, depending on the resolution of certain outstanding issues, in addition to US$850 million in restructured debt.
Of this restructured Abra debt, explains the relevant fact, US$ 250 million are mandatorily convertible into new shares from 30 months after Gol’s exit from Chapter 11, based on certain Gol valuation criteria.
Gol’s unsecured (unsecured) creditors will also receive new shares valued at up to approximately US$235 million, which may be higher.
