Milbank LLP acted as lead counsel for GOL Linhas Aéreas Inteligentes S.A. (“GOL”), one of Brazil’s largest domestic airlines by market share and one of the leading low-cost carriers in South America, in the airline’s US chapter 11 proceedings. GOL's successful emergence from chapter 11 marks the successful achievement of the company’s strategic transformation and right-sizing of its balance sheet.
GOL filed for chapter 11 protection in January 2024 in the US Bankruptcy Court for the Southern District of New York. Milbank assisted GOL in successfully obtaining $1 billion in debtor-in-possession financing to ensure that GOL had sufficient liquidity to maintain uninterrupted business operations during its chapter 11 cases. The firm also advised on the comprehensive restructuring of its fleet and all other aspects of its chapter 11 proceedings, including structuring the company’s plan of reorganization, which included the successful settlement of numerous complex legal issues, and the successful arrangement of $1.9 billion in exit financing.
As a result of Milbank’s efforts, GOL has significantly strengthened its financial position by reducing debt, securing new long-term capital and enhancing liquidity to support operational stability and future growth.
The Milbank team in the US was led by global Financial Restructuring co-practice group leader Evan R. Fleck and partner Lauren C. Doyle. The team also included Financial Restructuring special counsel Bryan V. Uelk and associates Mark Manolescu, Justin Cunningham, Jordan Rosen, Brandon Delijani, Nicholas LaGinestra, Michael Scian and Daniel McCarthy; Global Corporate/M&A partner Scott Golenbock; Corporate Finance and Securities partner Paul Denaro and associates Moses Farzan Nekou, Nicholas Kunz, Michael Pascual, Abir Varma, Isobel Smith, Martha Schmidt, Siak Goh, Marco Zaldívar, Allison Mahoney, Kendall Langs and Daniel Perez-Kowalski; Litigation & Arbitration partners Andrew M. Leblanc and Erin Dexter and associates Hannah Blazek, Jordyn Paperny, Royston Peters, Danielle Lee Sauer, Riah Kim, Elizabeth Fly, Julia Bok, Alisha Gupta, Robert Marsters and Bradley Hershon; Structured Credit special counsel Mary Santanello and associates Jennifer Fegley and Yunpeng Zhang; Transportation and Space practice group leader Alexandra Johnson, special counsel Nicholas Milburn and associates Steve Goff, Maria Bun, William J. Corso, Drew Gregory and Christopher Balch; Tax partner Russell J. Kestenbaum and associate Mendy Fox; Executive Compensation and Employee Benefits partner Mike Shah; and Banking and Leveraged Finance associate Madison Lazarek.
The Milbank team in São Paulo included Corporate Finance and Securities partners Tobias Stirnberg and Fabiana Y. Sakai and associates Caio Junqueira de Brito, Marina Carvalho Rodriguez, Lays Lima Dutra, Alexia Raad, Elora Farias and Guilherme Maranhão.
