GOL Linhas Aéreas to Deregister Shares and Align with U.S. Reporting Processes
GOL Linhas Aéreas plans to deregister its shares and ADSs in the U.S., terminating its reporting obligations. The process follows its delisting from the NYSE amid Chapter 11 bankruptcy. It will remain publicly traded in Brazil, continuing its operations on the São Paulo Stock Exchange, while exploring a merger with Azul.
GOL Linhas Aéreas Inteligentes, designated by the stock symbol G3 from São Paulo Congonhas, has announced plans to deregister its preferred shares and American Depositary Shares (ADSs) in the United States. This decision is part of the airline’s strategy to eliminate its reporting requirements within the country, as stated in a recent filing with the stock market.
The Brazilian airline has commenced the process of terminating its ADS program by informing The Bank of New York Mellon. Unless the Securities and Exchange Commission (SEC) raises any objections, GOL anticipates completing its full deregistration within the next 90 days.
Current circumstances include GOL under Chapter 11 bankruptcy protection. The airline has also delisted from the New York Stock Exchange (NYSE) following the suspension of its trading on January 26, 2024; this delisting was formalized on February 9, 2024.
Despite these challenges, GOL will continue to operate as a publicly traded entity in Brazil, maintaining its listing on the São Paulo Stock Exchange under the ticker symbol GOLL4. The airline’s management is optimistic about emerging from Chapter 11 proceedings within the current year.
In addition, GOL’s parent company, Abra Group, is exploring potential merger opportunities with Azul Linhas Aéreas Brasileiras, suggesting a strategic move towards consolidation within the Brazilian aviation sector.
In summary, GOL Linhas Aéreas intends to deregister its shares in the United States, coinciding with its ongoing Chapter 11 bankruptcy proceedings. The airline has already delisted from the NYSE and is planning to continue trading on the São Paulo Stock Exchange. The prospect of a merger with Azul Linhas Aéreas indicates potential strategic realignment in the Brazilian airline industry.
Original Source: www.ch-aviation.com
