SÃO PAULO, May 8, 2025 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4) ("Company" or "GOL"), one of the leading airlines in Brazil, today announced that the Company has reached an agreement with Whitebox Advisors LLC ("Whitebox") on behalf of its managed funds and accounts that hold 3.75% Exchangeable Senior Notes due 2024 issued by Gol Equity Finance (the "2024 Senior Exchangeable Notes") which consensually resolves a dispute with respect to the consideration to be provided to all holders of 2024 Senior Exchangeable Notes with claims against Gol Equity Finance under the Company's Chapter 11 plan of reorganization (the "Plan"). The Company is pleased to have reached this agreement with Whitebox, as it secures the support of its final key economic stakeholder and provides the Company with a clear path to a fully consensual Plan confirmation hearing.
Under the terms of the deal with Whitebox, on behalf of holders that in the aggregate hold an amount of 2024 Senior Exchangeable Notes necessary for Class 10(e) (GEF General Unsecured Claims) to approve the Plan, Whitebox has agreed to sign the Plan Support Agreement previously entered into between the Company, Abra Group Limited, and the Official Committee of Unsecured Creditors, and joined by certain members of the ad hoc group of holders of 8.00% Senior Secured Notes due 2026 issued by Gol Finance (Luxembourg), pursuant to which Whitebox will agree to support the Plan on modified terms. The Plan will be amended to provide for, among other things, modifications to the debtor-by-debtor allocations of the general unsecured claimholder distributions, the details of which will be reflected in the revised Plan to be filed with the U.S. Bankruptcy Court.
The Company expects to emerge from its ongoing Chapter 11 cases in June 2025.
Finally, GOL reiterates that, under the terms of the Plan, it will significantly reduce its indebtedness by converting into equity or extinguishing up to approximately US$1.7 billion of its pre-Chapter 11 funded debt and up to approximately US$850 million of other obligations. As such, considering that the conversion will be carried out based on the economic value of GOL's shares prior to the conversion, in accordance with applicable law, a substantial dilution of GOL's currently outstanding shares is expected (subject to shareholders' preemptive rights as provided under Brazilian law).
Special note regarding forward-looking statements
This material fact contains certain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. The words "will," "maintain", "plans" and "intends" and similar expressions, as they relate to GOL, are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Undue reliance should not be placed on such statements. Forward-looking statements speak only for the date they are made.
About GOL Linhas Aéreas Inteligentes S.A
GOL is one of Brazil's leading airlines and is part of the Abra Group. Since it was founded in 2001, the company has had the lowest unit cost in Latin America, democratizing air transport with the aim of "Being the First for All". GOL has alliances with American Airlines and Air France-KLM and offers customers more than 60 codeshare and interline agreements, making connections to any place served by these partnerships more convenient and easier. GOL also has the Smiles loyalty program and GOLLOG for cargo transportation, which serves various regions in Brazil and abroad. The company has 13,900 highly qualified professionals focused on safety, GOL's number one value, and operates a standardized fleet of 138 Boeing 737 aircraft. The Company's shares are traded on B3 (GOLL4). For further information, visit www.voegol.com.br/ir.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.
