Boeing customer GOL to expand fleet as it exits Chapter 11 bankruptcy

Gol Linhas Aéreas Inteligentes S.A. (OTCPK:GOLLQ) has announced plans to double down on its all-Boeing (NYSE:BA)-fleet in the near term as the Brazilian airline exited bankruptcy proceedings in the U.S. this week.

Weighed down by rising debt and falling passenger numbers amid the COVID-19 pandemic, the São Paulo-based company sought protection from creditors in a New York bankruptcy court in 2024, becoming the second Brazilian airline to do so after LATAM (LTM).

The Brazilian unit of LATAM Airlines Group (LTM) filed for bankruptcy in 2020, a year marked by bankruptcies of other leading regional carriers such as Avianca Holdings SA and Grupo Aeromexico (AERO).

“Thanks to the hard work of hundreds of people, we have achieved what we set out to accomplish when we first entered this process last year,” Gol (OTCPK:GOLLQ) CEO Celso Ferrer noted, adding, “Today, we are significantly stronger.”

With $1.9B in exit financing obtained during the court-supervised process, the company’s leverage has reduced to 5.4x as it plans to bring net leverage below 3x by the end of 2027. Its liquidity position has also improved to nearly $900M in cash, even after paying its debtor-in-possession (“DIP”) financing in full.

As for its all-Boeing (NYSE:BA) fleet, Gol (OTCPK:GOLLQ) said it expects to receive five Boeing 737 MAX aircraft this year. Having overhauled more than 50 engines, the company reiterated plans to operate its entire Boeing 737 fleet by Q1 2026.