Brazilian Airline Gol Wins Approval of Chapter 11 Restructuring

Gol Linhas Aereas Inteligentes SA said it obtained U.S. bankruptcy court approval for the Brazilian airline’s restructuring plan that cuts about $1.6 billion of debt while maintaining Abra Group Limited as its largest indirect shareholder.

The company expects to exit Chapter 11 in early June, it said in a statement Tuesday. Gol added the restructuring significantly reduces its debt by eliminating upwards of around $850 million in other obligations. The airline, which sought court protection in January 2024, announced a sweeping restructuring deal that November.

Shares of Gol closed up 12% on Tuesday, its biggest gain since Jan. 6. Some ...