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SAO PAULO, May 3 (Reuters) - Gol Linhas Aéreas Inteligentes SA plans to propose to bondholders taking losses of up to 70 percent on some of their bonds, as Brazil's second-largest airline struggles to overcome a steep recession and plunging demand for air travel.
Under the terms of the plan, unveiled in a filing on Tuesday, Gol will exchange up to $780 million in U.S. dollar-denominated unsecured notes with maturities ranging from 2018 to 2023, and a perpetual bond too, for new 8.5 percent secured notes due in 2022 and 2028. (Reporting by Tatiana Bautzer; Writing by Caroline Stauffer; Editing by Daniel Flynn)