SAO PAULO, Feb. 26, 2016 /PRNewswire/ -- GOL Linhas
Aereas Inteligentes S.A. "GOL" or "Company" (BM&FBOVESPA: GOLL4
and NYSE: GOL), (S&P: B-, Fitch: CCC and Moody's: Caa1),
the largest low-cost and best-fare airline in Latin America, pursuant to Article 157,
paragraph 4 of Law 6404/76 and CVM Instruction 358, of January 3, 2002, and complementing the Material
Fact dated January 21, 2015, hereby
informs its shareholders and the market in general that it entered
into an advanced air ticket sale agreement to Smiles S.A.
("Smiles"), totaling up to one billion reais (R$1,000,000,000.00), conditioned upon certain
terms and conditions, including a payment schedule ("Advanced
Purchase").
The Advance Purchase will consist of tranches, starting with a
payment by Smiles of three hundred and seventy-six million reais
(R$376,000,000.00) that will be
available from the date of closing of the Contract object of the
operation.
The other payments are conditioned upon certain measures to
strengthen the VRG's liquidity. The Company expects to take such
measures throughout 2016, in accordance with VRG's business plans.
Payments shall be made until June 30,
2017; otherwise they will no longer be available for the
Company.
The measures to strengthen liquidity include, not limited
to:
- The reduction in the number of landings and take-offs by at
least 6%;
- The suspension of seven (07) destinations operated on
December 31, 2015;
- The return of five (05) aircrafts under financing lease;
- The change in the delivery schedule of new aircrafts between 2016
and 2017 from fifteen (15) to one (01).
The payments to be made by Smiles will be ruled by the
agreements already existing between the Company and Smiles, with
certain changes. The payments will be remunerated at a minimum rate
of 132% of the CDI, which may be increased according to market
conditions in each payment date. Smiles will have some measures to
strengthen its competitiveness ensured during the period of the
disbursements. Additionally, the payments should follow a
predefined schedule and will depend on Smile's minimum liquidity
conditions.
The Company cannot ensure that it will be able to take all the
measures that ensure the disbursement, because it depends, to some
extent, on third parties, nor can it ensure the exact date of
compliance with the conditions for each payment.
In addition to the liquidity measures to be complied with
regarding Smiles' payments, the Company, throughout 2016, will
continue to evaluate opportunities on its network and will be
prepared to take other measures for rationalization of capacity and
optimization of the route network, to adjust flight offers to
demand and to the sector's current scenario.
The Advanced Purchase was approved by the Board of Directors of
Smiles', pursuant to its Bylaws, as published with more details in
the material fact issued by Smiles.
For further information visit
www.voegol.com.br/ir
CONTACTS
IR
Phone: +55 (11) 2128-4700
E-mail: ri@golnaweb.com.br
CORPORATE COMMUNICATIONS
Phone: +55 (11) 2128-4183
E-mail: comcorp@golnaweb.com.br
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SOURCE GOL Linhas Aéreas Inteligentes S.A.