Airline Gol to Tap ‘Expensive’ $950 Million Bankruptcy Loan (2)

Jan. 29, 2024, 5:30 PM UTC

Gol Linhas Aereas Inteligentes SA won court approval to start drawing on a $950 million Chapter 11 loan provided by lenders including Elliott Investment Management LP, though the Brazilian budget airline’s bankruptcy judge said he’s troubled by how expensive the financing is.

Judge Martin Glenn said Monday during a hearing in New York he’d allow Gol to start tapping the Chapter 11 loan but demanded the company and its lenders include provisions meant to keep legal fees tied to the restructuring in check. The Sao Paulo-based airline said it required immediate access to new cash and failure to secure ...

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