Gol Reaches Agreement With Abra, Creditors in Restructuring Plan

Gol and Abra Group Limited have signed an agreement to support the Brazilian carrier‘s restructuring plan, which includes the conversion of approximately $950 million in Abra’s secured debt into new Gol shares, according to a regulatory filing.

• Abra, Gol’s main investor, claimed debt totaling $2.8 billion, and agreed to receive $950 million in new Gol shares and $850 million in restructured debt
  • Restructured debt included $250 million to be converted into equity at any point at least 30 months after Gol exits Chapter 11
• Gol’s unsecured creditors will also receive about $235 million in equity
• Agreement allows Gol to ...