GOL Linhas Aéreas is deregistering its shares and ADSs in the U.S. due to reporting obligations, initiating the process with The Bank of New York Mellon. The airline is currently in Chapter 11 bankruptcy, has delisted from the NYSE, but continues to trade in Brazil. A merger with Azul Linhas Aéreas is also on the table as GOL looks to recover.
Brazil’s GOL Linhas Aéreas Inteligentes is moving to deregister its preferred shares and American Depositary Shares (ADSs) in the United States, aiming to conclude its reporting obligations in the country. This step was disclosed in a recent stock market filing, with the airline notifying The Bank of New York Mellon on February 26 regarding the termination of its ADS program.
The complete deregistration is anticipated to occur within the next 90 days, provided there are no objections from the SEC. Currently, GOL is undergoing a Chapter 11 bankruptcy process and has already ceased trading on the New York Stock Exchange (NYSE) as of January 26, 2024, with its official delisting completed by February 9, 2024.
Despite these developments, GOL will remain publicly traded in Brazil, listed under the ticker GOLL4 on the São Paulo Stock Exchange. The airline has plans to exit Chapter 11 later this year and is exploring a potential merger with Azul Linhas Aéreas Brasileiras through its parent company, Abra Group.
GOL Linhas Aéreas Inteligentes is deregistering its shares from the U.S. and terminating its ADS program amid a Chapter 11 bankruptcy process. While it has delisted from the NYSE, GOL remains listed in Brazil and seeks to merge with fellow airline Azul Linhas Aéreas. The full deregistration is expected to complete in 90 days unless opposed by the SEC.
Original Source: www.ch-aviation.com
