Brazil's Gol to be taken private under new restructuring plan

SAO PAULO (Reuters) -Brazilian airline Gol Linhas Aereas Inteligentes SA on Monday announced plans to go private as part of a corporate reorganization process.

The company, which earlier this year emerged from U.S. bankruptcy proceedings, said in a regulatory filing that it intends to delist shares from the Brazilian stock exchange B3, a move still contingent on approvals, including from shareholders.

As part of the restructuring, the company and Gol Investment Brasil SA will merge into another private company within the group, Gol Linhas Aereas, which does not intend to have listed shares.

"The incorporation aims to reorganize the company's operations, seek synergies, and reduce its costs," said Gol, which made its initial public share offering (IPO) in Brazil in 2004.

As part of a board-approved process, there will be a public tender offer for the current listed shares of Gol. However, the airline will reserve the right to cancel the offer if its total value reaches or exceeds 47.25 million reais ($8.64 million).

Gol's financial reorganization during Chapter 11 significantly diluted the airline's free float, which is less than 1% for the non-common shares, minimizing the impact of its stock exchange exit.

In 2024, Gol filed for Chapter 11 bankruptcy in the U.S. as the airline industry faced significant challenges, including debt, fewer passengers during the COVID-19 pandemic, and aircraft delivery delays. Gol's Brazilian rival Azul also filed for Chapter 11 in May this year.

(Reporting by Luciana Magalhaes and Andre Romani, Editing by Natalia Siniawski)

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