Gol has hired the law firms Milbank, Lefosse Advogados and Thomaz Bastos, Waisberg, Kurzweil (TWK), ahead of an expected new round of debt restructuring, two sources close to the matter said.

On 3 December, the Brazilian airline announced the hiring of Seabury Capital for a broad review of its capital structure.

Likewise, a group of holders of Abra‘s USD 960.74m 11.5% senior secured notes due 2028 has hired Houlihan Lokey as financial advisor and the local law firm Padis Mattar Advogados as legal advisor, according to the same two sources. The group had also previously hired the law firm Dechert.

Abra is the holding company created to control the operations of Gol and Colombia’s Avianca. It has hired Rothschild as a financial advisor.

A spokesperson at Gol and officials at TWK and Houlihan Lokey did not respond to requests for comment on the matter. Spokespeople at Milbank and Lefosse and an official at Padis Mattar declined to comment.

Gol is in negotiations with lessors seeking to extend short-term debt maturities, as reported. Lessors have started demanding collateral to restructure agreements with the low-cost carrier.

The airline could also consider filing a Chapter 11 proceeding in a US Bankruptcy Court, as a way to avoid returning aircraft in case it does not reach an agreement with lessors, as reported.

The Abra USD 960.741m 11.5% 2028 secured notes last traded at 74.875 on 21 December, according to MarketAxess. Gol’s USD 366.757m 8% 2026 secured notes last traded at 36 on 21 December, and the USD 342.43m 7.0% 2025 notes last traded at 32 on 22 December.