Gol, the Brazilian airline, filed for Chapter 11 bankruptcy protection in the US. The carrier is entering the process with a commitment for $950 million in funding from its holding company, Abra Group.

Gol plans to continue to operate “normally” during the supervision process conducted by the US court, including paying employees, honoring supplier and partner commitments, and flying its current schedule.

The carrier reported record third-quarter 2023 revenue of $4.7 billion Brazilian reals (US$950 million), an increase of 16.4% year over year. In December, Gol’s passenger load factor was 82.7%, up from 77.9% a year earlier, according to the airline.

Abra also controls the Colombian carrier Avianca, though the two airlines operate separately. Gol said it would use the bankruptcy protection to “restructure [its] finances and strengthen business operations for the long term, while continuing to operate as normal.”

The filing makes Gol the latest Latin American carrier to seek bankruptcy protection after the pandemic. It follows its sister company Avianca, Mexico’s Aeromexico and Chile-based LATAM Airlines.

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