SAO PAULO (Reuters) -Major global airlines are in talks with Gol to invest in the Brazilian carrier, which is undergoing Chapter 11 bankruptcy proceedings in the U.S., local newspaper Valor Economico reported on Tuesday, citing sources.
The report mentions U.S.-based companies United Airlines and American Airlines (NASDAQ:AAL), as well as European firms Air France-KLM, British Airways parent International Airlines Group (LON:ICAG) and Germany’s Lufthansa Group among the carriers in talks with Gol.
Valor Economico said the investments from global airlines would be made as part of Gol’s exit from Chapter 11.
The Brazilian airline, which last week announced a memorandum of understanding to explore a merger with local rival Azul, has been in Chapter 11 bankruptcy proceedings since early 2024.
Gol’s potential merger with Azul would create a dominant airline in the Brazil domestic market, surpassing LATAM Airlines (NYSE:LTM)’ local unit.
The international airlines would be interested in a deal with Gol ahead of the proposed merger with Azul to strengthen their international presence at some of Brazil’s busiest airports, Valor Economico reported.
Gol and Air France-KLM declined to comment on the report. American Airlines said it was aware of Gol’s ongoing restructuring process, noting it already has a commercial agreement with the Brazilian airline.
United Airlines, International Airlines Group and Lufthansa did not immediately respond to requests for comment.