The US court held its 1st GOL hearing on Monday

Justice of the United States hit Monday (January 29, 2024), at 9:00 a.m. (New York time), 1st Hearing GOL Linhas Areas In the process of judicial recovery. The judge is in charge of the case Martin Glenn, of Bankruptcy Court for the Southern District of New York.

On Friday (26 January 2024), the court granted GOL's request to start the process Chapter 11 (equivalent to judicial recovery in Brazil).

oh chapter 11 is a chapter of the US Bankruptcy Code that deals with the financial restructuring of corporations. This process allows companies to restore their financial situation, including debt restructuring, while operating routinely with US Department of Justice oversight and approval.

This mechanism has been used successfully by many international airlines such as Latam, United, Delta, Aeroméxico and Avianca Colombia.

In the relative fact (completeness – PDF – 227 kB) Published on Thursday (January 25), GOL's debt restructuring process includes access to US$ 950 million in financing. “Debtor in Possession” (debtor in possession, in Portuguese).

The airline said it will be used chapter 11 To restructure its short-term financial obligations and strengthen its capital structure for long-term sustainability. The company also said it expects to emerge from the process with significant capital investment, including new US$950 million in financing.

According to the airline, its flights will not be affected by the judicial recovery process. Passenger and cargo operations (carried out by subsidiary GOLLOG) will be maintained as normal, as well as the Smiles loyalty program and other corporate businesses, the company said.

After the redemption request, on January 25, the company's shares fell 3.16% in the trading day. B3 (São Paulo Stock Exchange).