Brazilian airline GOL has extended the deadline for investors to participate in the company's $1.9 billion exit funding plan, citing the US trade war with much of the world.
The SAO Paul-based airline, which is scheduled to emerge from the financial restructuring of Chapter 11 next month, has recently notified “future investors” that it will extend the deadline for binding proposals to participate in exit funding from April 19 to May 15.
GOL cites “significant disruption to capital markets around the world as a result of the tariffs announced by President Trump.”
“The company sought and acquired it from Castle Lake and Elliott management to make sure the capital markets absorbed the meaning of Trump's tariffs.
Economic disruption is rising during a critical period of GOL. GOL is about to explore a potential combination with Brazilian competitor Azul, emerging from the bankruptcy court.
According to airline business data, Azul reported a net loss of 8.3 billion ($1.4 billion) for the full year and GOL lost R$6.1 billion in 2024, so both of these airlines are struggling to overcome devaluation of their local currency.
