Brazil's GOL Linhas Aereas Interligentes has filed for Chapter 11 bankruptcy in New York.

The budget airline is entering the legal process with a financing commitment for $950m in debtor-in-possesion financing. This financing commitment will provide enough funding to ensure that operations can continue at the airline throughout the bakruptcy and restructuring process. 

Travelers with future bookings are reminded that flights are expected to operate as usual.

GOL's CEO, Celso Ferrer said: "We are confident the steps we are taking will allow us to offer the lowest cost fares with exceptional travel experiences to our customers across an increasing number of routes. Our Employees will keep handling their daily activities looking after GOL Safety and quality of its flights. We are pleased to be moving forward with commitments for new capital that will help advance our long-term strategies, including improving affordability, the travel experience and Customer choice.”

This airline has filed for Chapter 11/15 bankruptcy protection. This means that the airline is protected from creditor claims whilst they restructure to improve their financial position. This reduces the likelihood of failure, however if they do ultimately cease trading you will remain liable for the costs of any tickets already confirmed and it is unlikely you will get any monies back. If your journey has already commenced, you would need to purchase a new ticket to reach your final destination with no recompense from the airline.