GOL Linhas Aéreas intends to deregister shares from the US to terminate its reporting obligations. The airline, currently under Chapter 11 bankruptcy, has already delisted from the NYSE and will keep trading in Brazil. The carrier aims to emerge from bankruptcy later this year while exploring a merger with Azul Linhas Aéreas.
GOL Linhas Aéreas Inteligentes, based in São Paulo, has announced plans to deregister its preferred shares and American Depositary Shares (ADSs) in the United States, indicating a desire to cease its reporting obligations within that jurisdiction, as per a filing to the stock market. The airline has initiated the termination of its ADS program by informing The Bank of New York Mellon, with a formal statement issued on February 26. Should the SEC raise no objections, complete deregistration is anticipated within the next 90 days.
The Brazilian airline is currently undergoing Chapter 11 bankruptcy proceedings and has already delisted from the New York Stock Exchange (NYSE), following the cessation of trading on January 26, 2024. GOL’s official removal from the NYSE was completed on February 9, 2024. Nevertheless, GOL will maintain its status as a publicly traded company in Brazil, where its shares remain listed on the São Paulo Stock Exchange under the ticker symbol GOLL4.
The airline expresses optimism regarding its emergence from Chapter 11 later this year. Concurrently, its parent company, Abra Group, is engaged in discussions with Azul Linhas Aéreas Brasileiras concerning a potential merger between the two prominent Brazilian airlines.
In conclusion, GOL Linhas Aéreas Inteligentes is proceeding with the deregistration of its shares in the United States as it seeks to terminate its reporting obligations. While the company has delisted from the NYSE, it will continue trading in Brazil and aims for recovery from bankruptcy later this year amid potential merger talks with Azul Airlines.
Original Source: www.ch-aviation.com
