Slaughter and May has advised Abra Group Limited, the majority investor of airlines Gol Linhas Aéreas Inteligentes S.A. (“GOL”) and Avianca Group International Limited, on the completion of approximately $1.8 billion of transactions to comprehensively resolve all defaults arising under its debt as a result of the Chapter 11 filing of GOL. In connection with the transactions, Abra entered into a $740 million senior secured term loan facility and issued $510 million in senior secured notes to refinance its existing senior secured notes due 2028. In addition, more than 99% of the holders of Abra’s senior secured exchangeable notes due 2028 agreed to waive all defaults and amend the terms of their notes to align with the terms of Abra’s new debt.
Slaughter and May, as English law counsel, worked as part of an integrated team with the Abra in-house legal team and Wachtell, Lipton, Rosen & Katz.
