GOL holders form ad hoc group; company may change capital structure

By Susanna Moon

Chicago, April 27 – GOL Linhas Aereas Inteligentes SA noteholders have formed an ad hoc group of holders of unsecured notes issued by GOL Finance Inc., GOL LuxCo SA and VRG Linhas Aereas SA and guaranteed by GOL Linhas as well as some notes also guaranteed by VRG.

The ad hoc group has been formed in response to GOL’s announcement on March 30 that it has hired PJT Partners as its financial adviser for “initiatives to strengthen the company’s capital structure, liquidity and debt profile, as well as alternatives to foreign unsecured debt,” according to an announcement from White & Case LLP, the group’s counsel.

GOL also has felt liquidity pressure and said its “capital structure needs to be changed,” the release added.

In turn, the noteholder group has hired White & Case LLP as its counsel.

GOL Linhas is a Sao Paulo-based holding company engaged in the passenger air transportation sector.

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