Sources close to the negotiations suggest that conversations between GOL and Azul have not been abandoned and that the Chapter 11 process could even pave the way for a more streamlined merger in the future. A combined Azul-GOL entity would control a significant share of Brazil’s domestic market, providing improved connectivity across the country and operational synergies.

Analysts point out that while regulatory approval would be required, especially from Brazil’s antitrust authorities (CADE), the economic pressures on both carriers — including rising fuel costs and a volatile currency — make consolidation an attractive path forward.

For travelers, a future Azul-GOL partnership could mean more route options and competitive fares, although such a merger may also face scrutiny over reduced competition in some regional markets.