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Brazil’s Gol Airlines Granted Court Approval for USD350 Million Bankruptcy Loan

A U.S. bankruptcy judge has approved Brazilian airline Gol’s request to borrow the first USD350 million of its proposed USD950 million bankruptcy financing. The approval is crucial for Gol to maintain normal operations. While expressing concerns about the high costs associated with the loan, the judge will consider approving the remaining amount at a future hearing, seeking more insight into financing costs. The loan carries an interest rate exceeding 15%, over USD235 million in additional fees, and potential additional attorneys’ fees. Gol filed for Chapter 11 bankruptcy protection with about USD8 billion in total balance-sheet debt, citing struggles with the pandemic’s impact, supply-chain issues, and delayed Boeing deliveries. Gol is the latest Latin American carrier to file for bankruptcy in the U.S., following airlines like LATAM, Grupo Aeromexico, and Avianca.

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