SAO PAULO, Jan 15 (Reuters) - Brazilian airline Gol released a revised five-year strategic plan on Wednesday as it prepares to exit Chapter 11 bankruptcy proceedings, saying the new forecasts would serve as a base for its reorganization.
Gol stated in a securities filing that it expects to emerge from Chapter 11 in May and foresees a significant improvement in its net leverage as it rebuilds its network and returns to normal levels of core earnings by next year.
"We have secured lessor concessions, addressed maintenance and past-due liabilities, launched a profit improvement plan, and reached agreements with key stakeholders," Gol's Chief Executive Celso Ferrer said in a statement.
"When implemented through the reorganization plan, they will deleverage Gol's balance sheet."
The five-year plan assumes the successful completion of a planned $330 million capital raise as part of the Chapter 11 exit, as well as $1.54 billion of exit debt, Gol said. It expects a significant dilution of its existing shares.
Gol estimated its net leverage, as measured by net debt/EBITDA ratio, at 6.1 when it emerges from Chapter 11, but said that it should quickly trend down to 2.7 by the end of 2027 and 1.9 by the end of 2029.
As part of the five-year plan, Gol projected its fleet to reach 167 aircraft by 2029, up from 137 this year. The Brazilian carrier flies only Boeing 737 jets and has been as it takes delivery of newer 737 MAX aircraft.
Gol has some 30% of the domestic market share, dominating Brazil's airline industry along with Azul and the local unit of Chile-based LATAM Airlines.