Blue and Gol fusion can be compromised by request for judicial recovery (Image: Reuters/Ricardo Moraes)
A possible request for judicial recovery from the Blue (Blue4) In the United States, a process called Chapter 11can lead to delay or even cancellation of negotiations to merge with the Goal (GOLL4), in the view of BRADESCO BBI.
According to Pipeline, from the newspaper Economic value, Azul is being advised by the Davis Polk and Pinheiro Neto offices to seek new financing and restructure debt With creditors, not discarding doing this through a judicial recovery process.
Sought, Azul said that “it is constantly evaluating opportunities to improve the liquidity and yours capital structure, Without never failing to honor their commitments and the quality of their services and customer service, always respecting all current legislation ”.
On the other side of the story, Gol, which is in Chaper 11 At the moment, he sees the exit of the process getting closer and closer. The airline announced on Friday (16) capture of $ 1.9 billion Through the issuance of debt instruments, an appeal that will be used to enable its departure from judicial recovery in the United States.
Analysts André Ferreira, from Bbiand Wellington Lourenço, from Agora Investmentsthey put that Azul had no impact of equity occurred in April 2025, nor of the R $ 600 million In new debts raised, which must contribute to liquidity.
In their assessment, the company can guarantee about $ 2 billion in the credit line backed in the FGE (Export Guarantee Fund) in the coming weeks, which can help strengthen liquidity and reduce the risk of requesting Chapter 11.
“The future of the business is still uncertain, with Gol CEO Celso Ferrer, stating that the group is working to ensure that Gol leaves its restructuring in a strong position and that the agreement with Azul is not necessary,” he points out.
Source: Moneytimes
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