GOL Linhas Aéreas Inteligentes plans to deregister its shares and American Depositary Shares in the U.S. amid ongoing Chapter 11 proceedings. The airline will maintain its public trading status in Brazil. GOL is also in talks with Azul Linhas Aéreas about a potential merger, hoping to emerge from bankruptcy later this year.
GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) has announced its intention to deregister its preferred shares and American Depositary Shares (ADSs) in the United States. This decision aims to terminate its reporting obligations in the country, as communicated in a stock market filing. The airline initiated the termination of its ADS program by notifying The Bank of New York Mellon on February 26, 2024. GOL expects to complete the deregistration process within the next 90 days, pending any objections from the SEC.
Currently undergoing Chapter 11 bankruptcy proceedings, GOL has already delisted from the New York Stock Exchange following a suspension of its trading on January 26, 2024, and an official removal that occurred on February 9, 2024. Despite these developments, GOL will maintain its status as a publicly traded entity in Brazil, with its shares listed on the São Paulo Stock Exchange under the ticker GOLL4.
GOL is optimistic about emerging from Chapter 11 later this year and is actively exploring a potential merger with Azul Linhas Aéreas Brasileiras, facilitated by its parent company, Abra Group. This merger could represent a significant consolidation in the Brazilian airline industry, reflecting the ongoing challenges and opportunities within the sector.
In conclusion, GOL Linhas Aéreas Inteligentes is taking significant steps towards deregistering its shares in the U.S. as part of restructuring efforts amid Chapter 11 bankruptcy. The airline’s delisting from the NYSE concludes its trading on American markets, though it will continue operating within Brazil. Discussions for a merger with Azul Linhas Aéreas may further reshape the competitive landscape of Brazilian aviation.
Original Source: www.ch-aviation.com
