Gol Linhas Aéreas Inteligentes S.A ("Gol Intelligent Airlines S.A." also known as VRG Linhas Aéreas S/A) is a Brazilian low-cost airline based in Rio de Janeiro, Brazil.[4] According to the National Civil Aviation Agency of Brazil (ANAC), between January and December 2019 Gol had 37.7% of the domestic and 3.8% of the international market shares in terms of passenger-kilometers flown, making it the largest domestic and third largest international airline in Brazil.[5][6]
Gol competes in Brazil and other South American countries primarily with LATAM Brasil, and Azul. It also owns the brand Varig, although now that name refers to what is informally known as the "new" Varig, founded in 2006, not to the extinct "old" Varig airline, founded in 1927.
The company's name is a Brazilian Portuguese word borrowing from the English word "goal" from Association football.[9] The company slogan is Nova Gol. Novos tempos no ar.(in Brazilian Portuguese); New Gol, New times on air.(in English).
The Boeing 737-700 airplane used in GOL's second commercial flight, showing the company's brandGol ticket counter at Brasilia International Airport
The airline was established in 2000 as Gol Transportes Aéreos S.A. and started operations on 15 January 2001 with a flight from Brasília to São Paulo.[10] It is a subsidiary of the Brazilian conglomerate Grupo Áurea, based in Minas Geraisstate, which has other transportation interests, including Brazil's largest long-distance bus company. Grupo Áurea in turn is owned by the Constantino family. Constantino Júnior was responsible for building the business next to the vice president of the company, David Barioni.[11][12]
In 2007, Gol was owned by AeroPar Participações (75.5%), Venture (17.6%), American International Group (5.4%) and Air France-KLM (1.5%).[13] The growth in GOL's stock price made the Constantino family a member of the Forbes magazine billionaire list in 2005.
In 2007, Gol was supposed to begin a code-share agreement with TAP Portugal, opening the European market to the Brazilian airline, and the internal Brazilian market to the Portuguese airline (the largest foreign airline in Brazil). Instead, TAP Portugal chose to cooperate with TAM Airlines.[14]
On 24 February 2010 Gol announced it was in "advanced talks" to join the Oneworld alliance,[15] which would allow it to catch up with rival TAM, a recent member of Star Alliance. However, on 6 October 2010, the airline announced a change in position by denying any interest in joining an alliance, preferring to remain independent and to establish a "patchwork of code-sharing agreements.".[16] Following this trend, on 28 September 2011 Gol and Aerolíneas Argentinas announced the intention to implement a codeshare, feeder and frequent flyer programs agreement on a date yet to be announced and pending approval from the governments of Brazil and Argentina.[17]
On 18 March 2010 Gol unveiled the expansion of its maintenance base located at Belo Horizonte/Confins - Tancredo Neves International Airport. Originally opened in 2006 with the capacity to service 60 aircraft per year (mainly Boeing 737 and 767), the expansion allowed Gol to increase the number to 120.[18] Gol later started also using the base to service aircraft from other airlines, and as of 2013 it also serviced airplanes from Azul Brazilian Airlines and Copa Airlines.[19][20]
On 23 December 2010, Gol Airlines started an operational partnership with Brazilian carrier Passaredo Linhas Aéreas. The agreement was rescinded on 31 July 2014, when Passaredo established a similar interline agreement with TAM Airlines instead.[21]
On 7 December 2011, Gol announced the intention of Delta Air Lines to purchase 3% of its shares.[22] The agreement also includes the creation of mutual code-share flights, alignment of frequent flyer benefits and transfer of GOL's Boeing 767s lease agreements to Delta.[23]
On 1 October 2012, Gol confirmed a firm order of 60 Boeing 737 MAXs. References did not specify the type of MAX aircraft.[24][25]
On 6 October 2012, Gol started seasonal operations to Miami and Orlando, available for Smiles account holders and originating in Brazil only. Technically, they are considered charter flights, although they are not necessarily part of an inclusive tour package; the use of miles or miles plus money is mandatory, as well as a minimum 7-day stay at the destination.[26]
Some disagreement exists as to whether Gol is a low-cost carrier. In 2014, Gol was ranked the second-best low-cost airline in South America after Azul.[28] Gol refers to itself as a low-cost carrier, but it is increasingly not regarded as such. According to UFRJ specialist Elton Fernandes, "GOL's costs are not very different from those of TAM Airlines. People are accustomed to calling Gol low-cost, but Gol is not that. It is not even low-fare anymore.".[29]
On 26 September 2019, Delta announced that it will exit its minority stake in GOL, following Delta acquiring 20% stake of LATAM Airlines Group.[30]
Celso Ferrer became the CEO of the Brazilian airline 1 July 2022.[needs update][31]
In March 2023, Gol reduced frequencies in Fortaleza as well as cancelled the Fortaleza airline's hub.[32]
In January 2024, Gol prepared to file for Chapter 11 bankruptcy, stating that the airline has been struggling with high debt and recently hired Seabury Capital to help it in a broad capital structure review. As a result, the company's shares tumbled as much as 13% or 27% at Ibovespa.[33] On 24 January 2024, Gol sought US$950 million in financing in order to fund itself during its bankruptcy procedures.[34] On 25 January 2024, Gol declared Chapter 11 bankruptcy in New York in an effort to bounce back from high debt costs caused by the COVID-19 pandemic. During the bankruptcy procedure, Gol continued to operate.[35] Gol declared more than US$8.3 billions in debt as well as a summe of more than R$40 bi.[36][37][38][39] Following, Fitch, S&P and Moody downgraded Gol's rating,[40] Gol lied and owes more than R$1.1 billion to the Air Force and admited it did not paid air navigation fees in Brazil[41] and Gol (GOLL4) studied measures against Latam for trying to take over planes. According to Gol's lawyers, Latam had sent letters to the lessors.[42] The Debt with Workers is more than R$1.3 billion.[43] R$420 millions in judicial processes in Brazil.[44] Banco do Brasil and Bradesco questioned Gol's DIP Financing guarantees.[45]
On 28 March 2007 Gol officially purchased part of the assets of VARIG - VRG Linhas Aéreas, informally known as the "new Varig," a new company that owned the Varig brand, for US$320 million from Volo Group and MatlinPatterson Global Opportunitieshedge fund. At that time, the "old Varig" was under bankruptcy protection. Gol Linhas Aereas Inteligentes SA posted a first quarter loss of 3.5 million Reais (2 million US dollars) after revenues of 1.6 billion Reais (one billion US dollars).
Gol announced that the Varig brand would continue doing business operating as such, rather than its official name VRG Linhas Aéreas.[46] The transaction, via its GTI subsidiary, required a US$98 million cash payment, with the balance through the allocation of non-voting shares to VARIG Logística and Volo, which had acquired VARIG in June 2006 for US$24 million.[47] The transaction did not involve the original airline, informally known as "old Varig," which continued to exist until its own bankruptcy in mid-2010 under the name Flex Linhas Aéreas.
In 2009 Gol was merged into VRG Linhas Aéreas. VRG Linhas Aéreas thus became an airline that operates two brands: Gol and Varig, although in reality flights are operated only under Gol flight numbers. Initially, the Varig brand operated to medium-haul scheduled and charter international destinations within South America and to the Caribbean with Boeing 737-700's configured in two classes, and to long-haul charter international destinations in North America, Europe and Africa with Boeing 767-300ERs configured in economy only. The latter were also used in wet-lease operations.[48] This scheme was later dropped. The brand Gol operates most of the flights of the network, and had aircraft configured in all-economy class, used for scheduled domestic and international operations within South America.
Because of contractual obligations, between 2006 and 2009 the "new Varig" (VRG Linhas Aéreas) was obliged to purchase a minimum of 140 hours/month of services from the "old Varig" (Flex Linhas Aéreas). Therefore, at that time, some of VRG Linhas Aéreas flights operated with Gol flight numbers but were actually flown with chartered aircraft from Flex Linhas Aéreas. The agreement ceased before the bankruptcy of Flex on 20 August 2010.[49]
On 9 July 2011, VRG Linhas Aéreas, owner of the brands Gol and Varig, announced the intention to purchase full control of WebJet Linhas Aéreas.[50] The purchase contract was signed on 2 August 2011.[51] On 10 October 2012 the purchase received its final approval with some operational restrictions from the Brazilian regulatory agency.[52] Services were integrated but both companies continued to operate independently for some weeks.[53][54] Integration started on 17 October 2012 when sales requested via Webjet's web-portal started to be redirected to GOL's site.[55] However, on 23 November 2012 Webjet abruptly ceased to operate and all services were incorporated by GOL. The Webjet brand ceased to exist.[53][54] Gol also announced its intention to return all of Webjet's Boeing 737-300s to lessors until the end of the first quarter of 2013. There was no mention to the fate of Webjet's 737-800s.[56]
On 12 April 2019, Gol announced an adapted Essential Air Service partnership with TwoFlex in which the latter would operate feeder services on behalf of Gol in the States of Amazonas, Pará and Mato Grosso using the Cessna 208 Caravan. The flights are marketed by Gol in its reservation platform but operated by TwoFlex and integrated into the network of Gol. This partnership greatly increased the number of Gol destinations in these three States.[57] However, on 14 January 2020 Azul Brazilian Airlines signed an agreement to purchase Twoflex.[58] On 27 March 2020 the Brazilian regulatory bodies gave the nihil obstat to the purchase[59] and sale of flights started on 14 April 2020.[60] thus ending the partnership.
On 8 June 2021 Gol Linhas Aéreas announced the purchase of MAP Linhas Aéreas from Voepass Linhas Aéreas. The transaction included 26 slots at São Paulo–Congonhas Airport belonging to MAP and Voepass. MAP's Amazonian operations and much of its fleet would be transferred to Voepass.[61]
108 Operational, 5 returned to lessors and being re-leased to Avelo Airlines, 20 are parked[112] 16 B737 parked at Confins are to be returned to lessors according agreement[113][114]
R$ 7.4 billion (2021)[3]
US$ -200.8 million (2018)
Aviation
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