GOL Linhas Aéreas Inteligentes plans to deregister its shares and American Depositary Shares (ADSs) in the U.S. to terminate reporting obligations, as stated in a stock market filing. The airline, currently undergoing Chapter 11 bankruptcy, has delisted from the NYSE and will remain publicly traded in Brazil. GOL is also exploring a merger with Azul Linhas Aéreas.
GOL Linhas Aéreas Inteligentes, operating out of São Paulo Congonhas, has announced its intention to deregister its preferred shares and American Depositary Shares (ADSs) in the United States. This decision aims to eliminate its reporting obligations within the country, as indicated in a recent stock market filing made by the airline. The deregistration process commenced on February 26, when GOL notified The Bank of New York Mellon to initiate the termination of its ADS programme.
According to the airline’s statements, barring any objections from the Securities and Exchange Commission (SEC), the complete deregistration of GOL’s securities is anticipated to occur within the next 90 days. The Brazilian airline is currently navigating a Chapter 11 bankruptcy process and has already ceased trading on the New York Stock Exchange (NYSE) as of January 26, 2024. GOL’s official delisting from the NYSE was final on February 9, 2024.
Despite the changes in the U.S. market, GOL Linhas Aéreas will maintain its status as a publicly traded entity in Brazil. Its shares remain listed on the São Paulo Stock Exchange under the ticker symbol GOLL4. The airline is optimistic about emerging from Chapter 11 later this year. In addition, GOL’s parent organization, Abra Group, is engaged in discussions regarding a prospective merger with Azul Linhas Aéreas Brasileiras, which would combine two major Brazilian airlines.
In summary, GOL Linhas Aéreas is moving to deregister its shares and American Depositary Shares in the United States, as part of its efforts to terminate its reporting responsibilities there amid ongoing Chapter 11 proceedings. The airline will continue to operate as a public company in Brazil, while exploring potential merger opportunities with another airline, Azul Linhas Aéreas.
Original Source: www.ch-aviation.com
