GOL is a Brazilian low-cost carrier (LCC) focused on the domestic Brazilian air travel market, where it holds roughly a third of market share by revenue passenger kilometers. GOL operates an all-Boeing 737 fleet — a mix of 737 Next Generation and 737 MAX aircraft — which underpins its low-cost structure by simplifying maintenance, reducing pilot training costs, and allowing flexible redeployment across routes. About 87% of GOL's revenue comes from the domestic market, with the remainder from international routes to South America, the Caribbean, and the U.S. GOL sells roughly 92% of passenger tickets through digital channels. Beyond its core airline business, GOL operates Smiles, one of Brazil's largest coalition loyalty programs with 22.6 million members, which sells miles to financial institutions, retailers, and consumers. GOL also runs GOLLOG, a cargo unit using belly space on passenger aircraft plus a dedicated fleet of six Boeing 737-800 freighters operating under a 10-year agreement with Mercado Livre. GOL's cost structure is dominated by fuel (~39% of operating costs), which is USD-denominated, exposing GOL to oil price and BRL/USD risk. GOL leases its entire fleet, making lease costs a major fixed expense. GOL filed for Chapter 11 bankruptcy in January 2024, reflecting pandemic-era debt, Boeing delivery delays, and ongoing lease liabilities, and secured up to $1B in DIP financing to fund operations through restructuring.