Gol (GOLL4) has R$1.3 billion in outstanding labor debts

Gol (GOLL4) has R$1.3 billion in outstanding labor debts
Gol (GOLL4) has R$1.3 billion in outstanding labor debts
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A Goal (GOLL4) had a total of US$269 million, or around R$1.3 billion, in outstanding labor debts on January 25, the date of the petition for its judicial recovery process in the United States. The amount appears in documents presented to the North American Court.

Most of this Gol’s debt concerns payroll tax obligations, such as INSS and FGTS, the Service Time Guarantee Fund. This portion, on the date of the petition, corresponded to US$174 million. In relation to compensation for workers, such as night shift pay and hazard pay, the bill reached US$25 million.

According to Gol, these amounts refer to debts incurred by the airline during the pandemic. “Brazil, compared to countries in the region, especially Europe and the United States, was the only one that did not receive refinancing help from the government during this period,” said the company in a note.

The company also highlights that it did not carry out mass layoffs during the period and that “it has not stopped paying taxes on the payroll of its employees, having made such contributions in installments, until the present date”.

Gol’s debt reaches R$20.1 billion in 4Q23

In a relevant fact released on the last day (29), the Goal (GOLL4) reported that it ended the fourth quarter of 2023 with debt of R$20.176 billion, practically stable in relation to the previous quarter, when the indicator registered R$20.227 billion (down 0.25%).

Still according to Gol, assets, according to unaudited data, totaled R$16.832 billion in the period in question, and net equity was negative at R$23.350 billion.

On the 25th, the airline officially filed for judicial recovery in the United States, in a procedure called Chapter 11. The following day, the New York Court authorized the request.

The process of Gol’s judicial recovery initiated in the USA begins with a financing commitment of US$950 million, in the debtor in possession (“DIP”) modality by members of Abra’s Ad Hoc Bondholder Group – the holding company that controls Gol – and other Abra bondholders.

The article is in Portuguese

Tags: Gol GOLL4 R1 .3 billion outstanding labor debts

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