South American airline consortium Abra Group is non-committal regarding a potential merger between Azul and GOL now that Azul is restructuring thru Chapter 11.
By Karen Walker, David Casey, Aaron Karp, Lori Ranson
Editors explore how airlines on both sides of the Atlantic are adapting their strategies to tap into growing demand for travel between Europe and South America.
GOL's parent Abra Group has agreed to convert $950 million of its secured debt in the Brazilian carrier to equity as it nears exiting bankruptcy protection.
Azul is pushing back on reports of potential bankruptcy considerations, saying it has sources of liquidity and continues to explore combinations with GOL.
Abra Group, the main shareholder of Colombian airline Avianca and Brazilian LCC Gol, has signed a memorandum of understanding for five Airbus A350-900s.
GOL has failed to start the process of considering its Chapter 11 exit financing proposals, after previously stating the evaluations would start in early June.
Abra Group, the holding company for airlines Avianca and GOL, has acquired a strategic shareholding in Spanish wet-lease and charter provider Wamos Air.
