Gol airline gets court approval to borrow US$350mil

US Bankruptcy Judge Martin Glenn said he will consider approving the rest of the loan at a future hearing, and said he needs more insight into the financing costs.

SAO PAULO: A US bankruptcy judge allowed Brazilian airline Gol to borrow the first US$350mil of its proposed bankruptcy financing, which a company attorney says was “desperately” needed to maintain normal operations.

US Bankruptcy Judge Martin Glenn approved the initial funding at a court hearing in Manhattan, despite voicing some concerns about the high cost of the overall US$950mil loan.