GOL Linhas Aéreas Inteligentes S. A. (B3: GOLL4), a leading Brazilian airline, has successfully completed its financial restructuring in accordance with Chapter 11 of the U. S. Bankruptcy Code. The company emerged from the process overseen by the United States Bankruptcy Court for the Southern District of New York.
Chief Executive Officer Celso Ferrer stated that GOL, with its 20-year history, has transformed the Latin American airline market as the original low-cost carrier. With the financial restructuring completed, the company is now focused on its purpose of “Being First for All. ” Ferrer also expressed gratitude to employees, customers, lessors, and financial stakeholders, especially Abra, the largest shareholder, for their support throughout the process.
GOL is now significantly stronger, having rationalized its fleet, optimized costs, redesigned its network, and improved operational focus. These efforts, combined with solid customer preference, robust demand, and a five-year plan for continued investments in customer experience and new routes, will drive the company’s success. GOL looks forward to seizing upcoming opportunities in Latin America.
The company’s strengthened financial position includes securing $1. 9 billion in exit financing and repaying its DIP maturity in full. GOL now has a strong liquidity position of approximately $900 million, reduced leverage of 5. 4x, and projected net leverage below 3x by the end of 2027. With a solid balance sheet, GOL is well-positioned to invest in customer experience enhancements and further network expansion.
GOL’s loyalty platform, Smiles, celebrated its 30th anniversary in 2024 and has 24 million customers. It achieved record-high revenue of 5. 3 billion reais. The company also boasts the most on-time performance among airlines in Brazil and serves 65 domestic and 16 international destinations, carrying 30 million passengers in 2024.
The company’s growing network is supported by strong global partnerships, allowing for profitable expansion to new or underserved domestic and international routes. Abra Group, a leading airline group in Latin America, provides significant know-how, financial support, and operational and financial synergies. Cooperation with other Abra airlines will enhance connectivity, product offerings, and frequent flyer program opportunities and benefits for GOL customers.
GOL’s logistics unit, GOLLOG, achieved over 1 billion reais in annual revenue for the first time in its history in 2024. The company’s fleet consists of all-Boeing 737 aircraft, with over 50 engines overhauled in 2024 and the goal to have all aircraft in the air by the first quarter of 2026. Five Boeing 737 MAX deliveries are expected in 2025.
In accordance with the powers delegated by the Extraordinary General Meeting of Shareholders held on May 30, 2025, GOL’s Board of Directors has approved a capital increase through the capitalization of credits