GOL plans to exit Chapter 11 bankruptcy in May and pledges an improving financial performance as more aircraft return to service after engine maintenance.
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.