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Bond Market News
Gol Plans to go Private
October 14, 2025
Brazilian airline Gol, announced plans to go private as part of a corporate reorganization, following its emergence from US Chapter 11 bankruptcy earlier this year. The airline intends to delist from the Brazilian stock exchange (B3), pending shareholder and regulatory approvals, and will merge with other group entities into a private company, Gol Linhas Aéreas, which does not have listed shares. The move aims to streamline operations, achieve synergies, and reduce costs. A public tender offer will be made for outstanding shares, though Gol may cancel it if the total value exceeds BRL 47.25mn ($8.6 million). Due to heavy dilution during its bankruptcy restructuring, Gol’s free float now represents less than 1% of non-common shares, minimizing the market impact of the delisting. The airline’s decision comes amid continued challenges in Brazil’s aviation sector, where rival Azul also filed for Chapter 11 in May earlier this year.
Its dollar bonds continue to trade at deeply distressed levels of 3-5 cents on the dollar.
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