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Bond Market News
Gol Releases New Five-Year Reorganization Plan
January 16, 2025
Brazilian airline Gol released a revised five-year strategic plan as it prepares to exit Chapter 11 bankruptcy proceedings. The airline expects to emerge from Chapter 11 by May 2025, which it had entered in early-2024 due to high debts from Covid-related traffic declines and delivery delays from Boeing. According to the plan, Gol expects a $330mn capital raise and $1.54bn in exit debt, with significant share dilution. The company projects its net leverage ratio at 6.1x when it emerges from Chapter 11 and to trend lower to 2.7x by 2027 and 1.9x by 2029. Gol also plans to increase its fleet to 167 aircraft by 2029, focusing on Boeing 737 MAX models. The airline holds a 30% share of Brazil’s domestic market.
Its bonds traded stable with its 8% 2026s at 56.9 cents on the dollar.
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