Now Official: GOL Enters Chapter 11 Bankruptcy Proceedings

Brazilian low-cost carrier GOL Linhas Aéreas Inteligentes S.A. has officially announced it voluntarily filed with the United States Court for Chapter 11 Bankruptcy protection. This is a common move for airlines that use the legal process to raise capital, restructure their organization, and strengthen long-term business operations while continuing to operate without significant disruption. The carrier expects financing from Ad Hoc Group to the value of $950 million and hopes to access this in the next week; however, it will be subject to court approval.