Brazilian carrier Gol has extended a deadline for investors to participate in the company’s $1.9 billion exit financing plan, citing the USA’s trade war with most of the world.
The Rio de Janeiro-based airline, which plans to emerge from Chapter 11 financial restructuring next month, recently notified “prospective investors” that it would extend the deadline for binding proposals to take part in exit financing from to 15 May from April 19.
Gol cites “substantial disruptions to capital markets globally as a result of President Trump’s announced tariffs”.
“To allow time for the capital markets to absorb the implications of the Trump tariffs, the company sought and obtained from Castlelake and Elliott Management an extension… with respect to making an allocation of the total exit debt facility to the backstop parties,” Gol says.
Heightened economic turmoil is coming at a critical time for Gol, which is both seeking to emerge from bankruptcy court and exploring a potential combination with Brazilian competitor Azul.
Both of those carriers have struggled to overcome devaluation of local currency, as Azul reported a R$8.3 billion ($1.4 billion) net loss for the full year and Gol lost R$6.1 billion in 2024, according to Airline Business data.
