Gol Airlines said today (04/05) that renegotiated several debt and operating leases of its aircraft, which also includes loans made through the Delta and a value to be paid by Goal for Boeing due to the receipt of new aircraft. The company's investors received the same note before the closing of the stock of the day 04/05. The restructuring program is seen by the market as a way to avoid bankruptcy.
Inside the Goal of the package is one proposed the debenture holders (debt securities), composed in majority by Bradesco and Banco do Brazil, which will renegotiate a value of R $ 1.050 billion of this total, 90% of it has been extended to be paid from 2018 and extending until 2020. Along Gol called for a new credit in the amount of R $ 380 million to be paid two years later, ie in 2018.
Boeing reached an agreement with Gol to suspend deliveries until the second half of 2018 before the Gol would have to pay an amount of R $ 555, 5 million as advance payment for the completion of deliveries in 2016 and 2017. At the time Gol has 124 orders from Boeing to be delivered by 2027, it consists of 737 aircraft and 737 MAX. The planning Goal is to make cuts in the fleet and reduce the amount to be paid for operating leases for financial, that way it will reduce the debt in dollars.
Delta agreed to reduce the guarantees for the loan of US $ 300 million granted to Gol in 2015, this reduction will be permanent and may have exchange of notes (exchange offers) between the companies. Currently, Delta Airlines has 9.48% financial stake in Gol.
With the presentation of this plan to investors the result on the day was positive for Gol, the company's shares on the Sao Paulo Stock Exchange closed up 28.46%, while the American Stock Exchange its shares rose 28.69%. Some experts in the field reinforces that the restructuring will have to last longer for the company to get cash, and some said it could be more lenient with the content of negotiations.
Gol Linhas Aereas stressed that these measures were taken to address the Brazilian aviation market, which has reduced demand and is being affected by the high dollar. In a statement sent by the company stated, " In addition, Gol and civil aviation sector have been affected by decreasing demand, excess industry capacity, labor costs, expensive and scarce credit, risk assessment downgrade, rising costs operation, high financial costs and reduced ability to pay. "
