Brazil's Gol says restructuring details undefined after report on potential bankruptcy
Reuters
Published Jan 16, 2024 06:53PM ET
SAO PAULO (Reuters) - Brazilian airline Gol said on Tuesday it is discussing how to reach a "consensual" restructuring with financial stakeholders, following a media report that it was mulling filing for Chapter 11 bankruptcy protections in the United States.
Gol said in a statement it did not as of yet have a framework for how the restructuring would be implemented.
On Sunday, newspaper Folha de Sao Paulo said the company was considering filing for bankruptcy protection in the United States within the next month. The airline's shares are down about 9% this week following the report.
According to its statement, Gol stressed its commitment to raising funds to strengthen its cash position.
The company has been struggling with high debt and last month hired Seabury Capital to help establish a capital structure review that would address liability management, financial transactions and other measures to enhance its liquidity.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.