Gol Bankruptcy Shows Pandemic's Lingering Impact on Latin American Airlines [BNN Bloomberg (Canada)]
Gol Linhas Aereas Inteligentes S.A. Sponsored ADR representing 2 Pfd Shares (GOL)
US:NYSE Investor Relations:
ir.voegol.com.br
Company Research
Source: BNN Bloomberg
the industry is still struggling with the pandemic's lingering financial impact years after the virus virtually disappeared from everyday life. Gol Linhas Aereas Inteligentes SA said on Thursday that it plans to keep operating while it goes through a bankruptcy that includes restructuring near-term financial obligations, such as renegotiating contracts with lessors. The company — whose name directly translates as Gol Smart Airlines — said it will emerge from the process with the “correct” capital structure. The no-frills carrier, which held a third of Brazil's domestic market share at the end of last year, has struggled to regain its financial foothold ever since the Covid-19 pandemic decimated travel, forcing companies to ground their fleets and costing the industry an estimated $21 billion. Three of the region's largest airlines — Avianca Holdings SA, Latam Airlines Group SA and Grupo Aeromexico SAB — filed for bankruptcy in 2020 in processes that would drag on for years. Over
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