The agreement will increase American Airlines’ stake in Gol’s capital stock to 5.2%.

Gol added in his message that the negotiation also provides for a three-year extension of the current shared flights agreement between the two companies, signed in February 2020.

According to the note, American Airlines will pay $ 9 for each preferred share issued by Gol, a price 143% higher than the current price of the Brazilian airline’s papers.

The capital increase will still have to be approved by Gol’s board of directors, which will have to offer the other shareholders the right to purchase preference over the papers to be issued.

The American Airlines injection raises from 2,700 million reais (about 540 million dollars) to 3.7 billion reais (about 740 million dollars) the resources raised by Gol in recent months for long-term investments necessary to resume its operations. operations after the crisis generated by the covid pandemic.

“This additional liquidity will further improve Gol’s financial flexibility,” according to the company’s statement.

The contribution reduces the company’s financial constraints as it prepares to regain its share in the Brazilian aviation market as the largest airline in regional flights and the second largest in international ones.

This is due to the fact that, last June, it only had 1,100 million reais (about 220 million dollars) available in its coffers, almost a tenth of the debts that it had to pay due in twelve months (10,520 million reais or 2,104 million dollars).

“The investment represents the recognition, by a large American company, of the value of Gol as the largest airline in Brazil,” said the financial director of the Brazilian airline, Richard Lark, quoted in the statement.