The federal government’s aid package for airlines should be ready soon, with the first hires starting in early 2025, helping the sector overcome a turbulent period, said the Minister of Ports and Airports, Silvio Costa Filho (Republicans)in an interview with Reuters.
“Our expectation is that these operations will be carried out within the first three or four months at most. [de 2025]. During this period, we can have these operations validated”, said the minister, adding that the final adjustments to the program should be considered in the Chamber of Deputies, possibly next week.
Gol, which is negotiating its exit from the so-called Chapter 11 – a process similar to judicial recovery in the United States –, and Azul, which recently renegotiated debts to raise capital, are already talking to the government about the credit line, revealed Costa Filho.
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Currently set at R$4 billion, the package provides for the use of resources from the National Civil Aviation Fund (Fnac) for loans that will be made through the National Bank for Economic and Social Development (BNDES).
Azul confirmed that it is talking to the government about the credit line. Gol did not immediately comment on the matter.
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This week, Gol reached a restructuring agreement that will likely take the company out of Chapter 11 next year. Azul recently reached a deal with creditors to raise up to US$500 million, becoming the only major Brazilian airline to avoid Chapter 11 in the wake of the Covid-19 pandemic.
Costa Filho also said that government support for the airline sector should have been given much earlier. “Unlike other countries, Brazil did not immediately help airlines,” he lamented.
Regarding rumors of a possible merger between Gol and Azul, the minister said he does not expect a union to be formalized, at least in the short term.
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“Today I don’t feel that there is anything concrete regarding the merger of these two companies,” he declared.
Questioned by ReutersAzul reported that discussions about a possible business combination are ongoing. Gol did not comment.
