GOL Linhas Aéreas Inteligentes S.A., Brazil's largest independent low-cost airline operating an all-Boeing 737 fleet of 139 aircraft across 65 domestic and 16 international destinations, filed for Chapter 11 protection on January 25, 2024 in the Southern District of New York (Case No. 24-10118) before Judge Martin Glenn. The filing followed a combination of legacy COVID-era deferrals, fuel price volatility, BRL/USD foreign exchange pressures, tightened Brazilian credit markets, and fleet maintenance constraints. At filing, the debtors reported approximately $3.5 billion in assets and $8.3 billion in liabilities, with funded indebtedness and lease obligations of approximately $4.2 billion. The court authorized up to $1.0 billion in DIP financing structured as DIP notes through GOL Finance (Luxembourg). In November 2024, GOL and Abra Group entered a plan support agreement contemplating conversion of up to $1.7 billion of prepetition funded debt to equity and extinguishment of up to $850 million in other obligations. The Fifth Modified Third Amended Joint Chapter 11 Plan was confirmed on May 21, 2025, and the plan became effective on June 6, 2025 when GOL closed a $1.9 billion five-year exit financing facility at 14.375%, anchored by Castlelake and Elliott Investment Management. The restructuring reduced debt by approximately $1.6 billion and left Abra Group with approximately 80% of the reorganized equity. General unsecured creditors received new equity valued at approximately $281 million.