Brazil Airline Gol Eyes Restructuring Just Months After Last Overhaul
- Brazilian carrier hires Seabury to renegotiate with lessors
- S&P cuts credit rating amid weak prospects for cash generation
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Gol Linhas Aereas Inteligentes SA plans to restructure its balance sheet yet again as it buckles under a heavy debt load and the high costs of operating an airline in Brazil.
Gol hired Seabury Capital to help review its debt and other financial obligations, and free up cash by renegotiating its deals with lessors, the company said in a filing Friday. The move triggered a downgrade to CCC- from CCC+ by S&P Global Ratings, which warned of room for a further cut amid refinancing risks.