BRASILIA, July 4 (Reuters) - Brazilian airline Gol Linhas Aereas Inteligentes SA on Monday said creditors agreed to swap $174.7 million in notes and bonds in a debt restructuring offer concluded last week.
The result fell short of Gol’s expectations to restructure $780 million of outstanding debt despite successive deadline extensions. Gol said the swap will reduce its debt by $101.2 million and cut annual interest payment by $9.3 million.
Gol is partly owned by U.S. carrier Delta Airlines Inc and has struggled with stiff competition, a sliding currency and Brazil’s worst economic downturn in decades.
$1 = 3.2318 Brazilian reais Reporting by Silvio Cascione; Editing by James Dalgleish