Even after a bankruptcy court has confirmed a chapter 11 plan, changed circumstances prior to the plan's implementation and "substantial consummation" might make alterations to the plan.
Brazilian airline Gol gets court approval for $1 bln bankruptcy loan stabroeknews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stabroeknews.com Daily Mail and Mail on Sunday newspapers.
Bankrupt Brazilian airline
Gol received U.S. court approval on Wednesday for a
$1 billion loan, after resolving the concerns of a group of
lenders that feared they would be sidelined by the new loan.
.
Bankrupt Brazilian airline Gol received U.S. court approval on Wednesday for a $1 billion loan, after resolving the concerns of a group of lenders that feared they would be sidelined by the new loan. Gol had previously proposed borrowing $950 million in bankruptcy, but it allowed the objecting lenders to kick in an additional $50 million on the new loan and receive interest on that new debt, Gol's attorney Justin Cunningham said at a hearing in Manhattan. U.S. Bankruptcy Judge Martin Glenn approved the loan at the hearing in Manhattan, saying he was pleased to see a compromise.