On the stock exchange, Gol and Azul have already lost R$2.1 billion in market value. Analysts explain their run of bad luck

O Globo explains why Gol and Azul together lost R$2.1 billion in market value in January 2024: the restructuring of Gol, with total debt of R$20 billion and a possible Chapter 11 filing in the US, also dragged down Azul's shares. Analysts interviewed see judicial recovery as possibly Gol's best option. Ricardo Jacomassi, partner and chief economist at TCP Partners, described as a consultancy specializing in financial restructuring, stressed that even that route must be well structured, because access to credit is difficult and, in his words, working capital can vanish within three or four months.