Brazil’s GOL hit by financial expenses in first quarter 2024, swings to net loss

Brazilian airline GOL reported a recurring net loss of 130.2 million reais ($25.3 million), swinging to a loss after its net profit of 136.4 million reais ($26.6 million) in the first quarter last year. The low-cost airline was largely knocked down by financial expenses throughout the quarter after it filed for chapter 11 bankruptcy in January 2024. The airline had secured a debtor-in-possession (DIP) financing in the first quarter, with a senior secured DIP facility worth $1bn. GOL CEO Celso Ferrer said: “We have made progress in GOL’s US court-supervised restructuring process, including securing $1bn DIP loan commitments (of which