Brazil-based airline Gol on Thursday filed for Chapter 11 bankruptcy protection in the United States, the carrier announced.
Gol also announced it had a commitment for $950 million in financing from Abra bondholders. Gol is part of the Abra Group, which also oversees Avianca.
The carrier plans to use the new financing, which is subject to approval, to “restructure its near-term financial obligations and strengthen its capital structure for long-term sustainability.”
Gol plans to continue to operate “normally” during the supervision process conducted by the U.S. court, including paying employees, honoring supplier and partner commitments, and flying its current schedule.
The carrier reported record third-quarter 2023 revenue of $4.7 billion Brazilian reals (US$950 million), an increase of 16.4 percent year over year. In December, Gol’s occupancy rate reached 82.7 percent, a 4.8 percent increase from a year prior, according to the airline.
Gol is partnered with American Airlines in the United States and Air France-KLM in Europe.
