BRAZILIAN airline gol expects its exit of Chapter 11 bankruptcy proceedings to involve a us$1.5 billion capital injection through the issuance of new shares and refinancing of $2 billion in debt, it said in a securities filing, reports Reuters.
Gol, one of Brazil's largest carriers, filed for bankruptcy protection in the United States earlier this year after struggling with heavy debt and delayed deliveries from plane maker Boeing.
The estimates for it to emerge from the restructuring process are part of a broader five-year strategic plan unveiled by the firm, which includes increasing its fleet and boosting operating margins.
Sao Paulo-traded shares of Gol dropped as much as 3.5 per cent after the plan was announced, as the company cautioned that it is 'highly likely' that its shares will hit 'minimal value upon emergence' from bankruptcy.
Gol said it would hold a competitive process starting in June to evaluate proposals to finance its bankruptcy exit, adding the process should last at least until the end of the third quarter.
The carrier will also study 'any viable, competitive alternative transactions, including opportunities presented by potential sources of equity and debt capital' as part of the move, it said.
Gol, which flies Boeing 737 aircraft, said its strategic plan includes growing its fleet to 169 jets by 2029 from the current 142, as it targets returning to pre-pandemic domestic capacity levels by 2026.
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Gol, one of Brazil's largest carriers, filed for bankruptcy protection in the United States earlier this year after struggling with heavy debt and delayed deliveries from plane maker Boeing.
The estimates for it to emerge from the restructuring process are part of a broader five-year strategic plan unveiled by the firm, which includes increasing its fleet and boosting operating margins.
Sao Paulo-traded shares of Gol dropped as much as 3.5 per cent after the plan was announced, as the company cautioned that it is 'highly likely' that its shares will hit 'minimal value upon emergence' from bankruptcy.
Gol said it would hold a competitive process starting in June to evaluate proposals to finance its bankruptcy exit, adding the process should last at least until the end of the third quarter.
The carrier will also study 'any viable, competitive alternative transactions, including opportunities presented by potential sources of equity and debt capital' as part of the move, it said.
Gol, which flies Boeing 737 aircraft, said its strategic plan includes growing its fleet to 169 jets by 2029 from the current 142, as it targets returning to pre-pandemic domestic capacity levels by 2026.
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