The New York Bankruptcy Court judge scheduled for May 20 the confirmation hearing of the financial restructuring plan proposed by Gol (), according to a document signed on Tuesday, 18. At the time, the magistrate will say whether or not to agree with the airline’s proposal to leave Chapter 11 the equivalent of judicial recovery in the United States, where the company entered last year.
On Monday, 17, there was an audience at the Court in New York, in which the judge responsible for the case, Martin Glenn, heard the parties.
Four creditors showed objections to the plan and the magistrate has allowed the US manager WhiteBox Advisors who have Gol debt titles, present documents with confidential information and will not become public until the end of Chapter 11.
The manager questions the exchange of debt titles for Gol, which would have sought more expensive guarantees for assets.
For the final hearing in May, parties that have any objection after further investigations in Gol and affiliates must present the documents at Corte in New York by May 6.
Already the parts that support the plan have until the 13th of the same month to send the documents explaining their points.
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The schedule suffered a delay in relation to the foregoing. In the previous agenda, the confirmation hearing was scheduled for April.
Gol’s restructuring plan provides for a $ 1 87 billion financing, which can be raised with shares and debt, to facilitate Chapter 11.
Of this total, US $ 330 million can be captured with an stock supply. Analysts foresee a dilution of 75% with debt conversion into stocks.
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The plan also includes a potential merger of Gol with Azul (), with the exception that first the two companies need to resolve their financial issues.
