Gol sees low exchange take-up as bondholders bet on recovery

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Gol sees low exchange take-up as bondholders bet on recovery

GOL
An aircraft of the Brazilian airline GOL parks at the terminal of the airport in Natal, Brazil, 7 December 2013. Photo: Marcus Brandt/dpa | Marcus Brandt/DPA/Press Association Images

Just 22% of Brazilian airline Gol’s bondholders agreed to a distressed debt exchange after several weeks of discussions, with one credit analyst saying that a rally in the real — and thus an upturn in the issuer’s prospects — meant many investors opted not to accept a haircut on their paper.

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