It has been known for a few days that the Brazilian low-cost airline Gol is having massive financial problems. Chapter 11 proceedings have now been filed in the United States of America.

The petition was filed in the United States Bankruptcy Court for the Southern District of New York. The carrier stated that it will continue its flight operations without restrictions for the time being under protection from creditors. Gol had previously carried out a number of debt restructurings, but these were probably not sufficient.

According to company information, the current application for Chapter 11 proceedings is also an aftereffect of the corona pandemic, in which revenue was greatly reduced. Gol also states that continued delivery delays by the manufacturer would have a significant financial negative impact on Boeing. Gross debt at the end of 2023 was around $4,07 billion.

The company is confident that it can reposition itself as part of the Chapter 11 process. The parent company received a commitment of $950 million. This raised the funds through a capital market bond. The aim of the insolvency proceedings is for Gol to be relieved of its debts, explained company boss Celso Ferrer.

This is not the first time that a foreign airline has filed for Chapter 11 in the United States. For example, SAS Group is still in one. Avianca, Aeromexco and Latam Airlines have also already used this special procedure under US law to reposition themselves.