Delta Air Lines is facing a fresh Latin American headache as a Monday deadline nears for former Brazilian partner Gol Linhas Aereas Inteligentes ...
SAO PAULO: Delta Air Lines is facing a fresh Latin American headache as a Monday deadline nears for former Brazilian partner Gol Linhas Aereas Inteligentes to repay a US$300 million loan that the U.S. carrier guaranteed.
For Gol, Brazil's largest carrier, the due date of the Delta-backed private loan comes amid a severe cash crunch. The loan was extended by unidentified private investors. Gol and Delta declined to confirm if any negotiations were occurring. A source familiar with the matter said negotiations were indeed taking place.
"There's a certain aversion to Brazil, a certain aversion to airlines, and then we're kind of in the cross-set of that bucket," Gol's CFO Richard Lark said during the company's earnings call."It's not really there, the private market."Gol's debt troubles show how quickly the coronavirus upended the balance sheets of airlines around the world.
Delta sold its stake in Gol in 2019 to buy its stake in Gol rival LATAM Airlines but maintained the loan guarantee.
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