GOL Resolves Tax Liabilities Amid Bankruptcy Process

GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) has reached agreements with Brazil’s National Treasury Attorney’s Office (PGFN) and the Federal Revenue (RFB) to address tax liabilities amid its Chapter 11 bankruptcy proceedings.

The agreements cover taxes related to social security, non-social security obligations, and other liabilities, enabling installment payments totaling approximately BRL5.5 billion (USD892.4 million). GOL will benefit from discounts on fines, interest, and charges, with an option to reduce part of the outstanding balance.

In a January 2 filing, the airline confirmed that the agreements align with its restructuring plan and will not affect its net debt of BRL27.6 billion (USD4.47 billion).

As part of its Chapter 11 plan, GOL aims to cut USD1.7 billion in debt and up to USD850 million in obligations by converting them into equity. The carrier also plans to raise USD1.85 billion in new capital with support from its majority shareholder, Abra Group.

This development marks a significant step in GOL’s efforts to restructure its financial obligations and secure long-term stability.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com