Brazil carrier Gol files for Chapter 11 bankruptcy protection By Reuters

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© Reuters. FILE PHOTO: FILE PHOTO: A Boeing 737-700 airplane of Brazilian airlines GOL Linhas Aereas prepares to land at Santos Dumont airport in Rio de Janeiro, Brazil March 21, 2019. Picture taken March 21, 2019. REUTERS/Sergio Moraes/File Photo

SAO PAULO (Reuters) -Brazilian airline Gol said on Thursday it is filing for Chapter 11 bankruptcy protection in the United States, with a $950 million financial commitment from its controlling shareholder Abra Group.

Abra also controls Colombian carrier Avianca, though the two airlines operate separately.

The move makes Gol the latest Latin American carrier to seek bankruptcy protection after a pandemic-related crisis, following the path of its sister company Avianca, Mexico’s Aeromexico and Chile-based LATAM Airlines (OTC:).

The decision was somewhat expected by market participants after media reports earlier this month said Gol was considering the move, even as the company maintained it sought a “consensual” restructuring in discussion with creditors.

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