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Gol Airlines Exits Chapter 11, Targets Fleet Expansion and New Routes
June 9, 2025
Brazilian carrier Gol formally exited Chapter 11 bankruptcy protection in the US on June 6, marking a major step in its post-pandemic recovery. In 2024, Gol became the second Brazilian airline to seek Chapter 11 bankruptcy protection, following LatAm Airlines in 2020. The sector was struggling with debt burden, a decline in passengers during the pandemic and aircraft delivery delays. Gol now holds $900mn in cash reserves and is expanding its fleet and maximising seat capacity while keeping costs low to regain pre-pandemic levels by 2026. As per sources, a potential partnership between Gol and Azul is being considered. Although Azul filed for Chapter 11 last month, Gol’s CEO Celso Ferrer said a final deal would only happen if it added value.
Gol 8% 2026 dollar bonds are trading at a distressed level of 17 cents on the dollar.
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