Receives Approval Regarding US$950 Million in New Financing to Support
Ongoing Operations
Continuing to Provide Safe and Reliable Air
Transportation Without Interruption
All Flights Operating as Scheduled and All
Tickets and Reservations Remain in Place
SÃO PAULO, Jan. 29,
2024 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes
S.A. ("GOL" or "Company") (B3: GOLL4), a leading domestic airline
in Brazil, today announced that it
has received key approvals from the United States Bankruptcy Court
for the Southern District of New
York (the "U.S. Court") in the Company's legal financial
restructuring initiated on January 25,
2024. The approvals granted by the U.S. Court at the "First
Day" hearing ensure that GOL will continue operating in the normal
course during the process, as previously communicated.
As expected, the U.S. Court approved interim access to the
US$950 million in
debtor-in-possession ("DIP") financing that was committed by
members of the Ad Hoc Group of Abra Bondholders, as well as
certain other Abra bondholders. The Company intends to seek final
approval of the financing at a hearing in the coming weeks. In the
meantime, GOL will have immediate access to part of the new
liquidity. With this approval, GOL will honor commitments to
business partners and suppliers of goods and services provided on
or after the filing date of January 25,
2024, and will continue paying employee salaries, wages and
benefits.
With access to the new financing, the Company will continue to
provide safe and reliable air travel service at a low cost,
providing the best travel experience to Customers. Customers can
continue to arrange travel and fly in the same manner they always
have, including the use of tickets and vouchers, and the accrual,
purchase and use of miles earned through Smiles. GOL's codeshare
and interline agreements remain available to Customers.
"We are pleased by this successful start to our legal financial
restructuring. Obtaining the U.S. Court's authorization to access
new financing will enable GOL to continue operating in the normal
course, as we anticipated," said Celso
Ferrer, Chief Executive Officer. "GOL's purpose is 'Being
the First for All', and we initiated this process not only for the
benefit of our Company and our Employees, but to make us an even
stronger airline for our Customers, suppliers and all our partners.
Moving forward with the support of our lenders, we are confident
that we will continue to advance our long-term strategies,
including improving affordability, the travel experience and
Customer choice. We thank our talented team and dedicated partners,
suppliers and passengers for their continued support."
Information on Chapter 11
The U.S. Chapter 11 process is a well-established and flexible
legal framework for restructuring businesses with operations in
multiple jurisdictions. The legal process allows for companies to
strengthen their financial position while continuing to operate as
usual, subject to supervision and approval by the U.S. court
system. The Chapter 11 process has been used successfully by many
international airlines, including Aeroméxico, American Airlines,
Avianca Colombia, Delta Air Lines, LATAM Airlines, and United
Airlines. Scandinavian Airlines is currently also
reorganizing under Chapter 11.
GOL is confident that this process is in the best interests of
its stakeholders, including employees and customers, who will
continue to benefit from the Company's affordable, safe and
reliable flights as well as its best-in-class service.
Additional Information
Additional information regarding the Company's court-supervised
process is available at www.GolFirstForAll.com.
Court filings and other information related to the proceedings
are available on a separate website administrated by the Company's
claims agent, Kroll Restructuring Administration LLC ("Kroll"), at
https://cases.ra.kroll.com/GOL, or by calling Kroll at 844.553.2247
(U.S./Canada) (toll free) or
+1.646.777.2315 (International).
Advisors
In connection with its restructuring efforts,
GOL is working with Milbank LLP as legal counsel, Seabury
Securities LLC as restructuring advisor, financial advisor and
investment banker, and AlixPartners, LLP as financial advisor.
Contacts
Investor Contact
ri@voegol.com.br
www.voegol.com.br/ir
U.S. Media Contact
Joele
Frank, Wilkinson Brimmer Katcher:
Leigh Parrish / Jed Repko
lparrish@joelefrank.com / jrepko@joelefrank.com
+1 212 355 4449
South America Media Contact
In Press Porter
Novelli
gol@inpresspni.com.br
About GOL Linhas Aéreas Inteligentes S.A.
GOL is the main Brazil airline.
Since it was founded in 2001, the Company has the lowest unit cost
in Latin America, thus
democratizing air transport. The company has alliances with
American Airlines and Air France-KLM, besides several codeshare and
interline agreements, available to Customers, bringing more
convenience and simple connections to any place served by these
partnerships. With the purpose of "Being the First for All", GOL
offers the best travel experience to its passengers, including: the
largest number of seats and more space between seats; the greatest
platform with internet, movies and live TV; and the best
frequent-flyer program, SMILES. In cargo transportation, Gollog
delivers orders to different regions in Brazil and abroad. The Company has a team of
over 14,000 highly qualified aviation professionals focused on
Safety, GOL's #1 value, and operates a standardized fleet of 141
Boeing 737 aircraft. For further information, visit
www.voegol.com.br/ri.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.