Brazil's VRG redeems two convertible debentures for R$88 million

By Jennifer Chiou

New York, Dec. 24 - Gol Linhas Aereas Inteligentes SA said that its subsidiary VRG Linhas Aéreas SA redeemed two of its subordinated convertible debentures for R$88 million.

According to a company release, the issue of the debentures preceded Gol's acquisition of VRG.

At a general meeting on Dec. 19, the beneficiary creditors approved the sale or the earlier redemption of the securities.

An auction was held for the sale of the debentures on the electronic market of Bovespa Fix-Bovespa on Friday. Because there were no bidders at the auction, the two debentures were redeemed.

Gol Linhas Aereas Inteligentes is a low-cost airline based in Sao Paulo, Brazil. It is also the parent of GOL Transportes Aéreos SA.

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