GOL is a takeover target at these price levels. Recent rumors of a deal with Delta to make further investments in GOL, and an outright takeover by Qatar should be fast tracked now that the price has dropped well below 5. I think somebody is going to take out GOL.... for instant access into Brazilian routes. Probably going to take 10+ to get it. Appears to have limited to no downside from here. All the bad news is priced in. Perfect time for a takeover.
You are sorely mistaken; gol has the highest debt to equity ratio of any airline on earth and the restructuring continues to flounder. The market cap of GOL is greater than a very profitable and similarly sized JetBlue by comparison.
Cash burn is at an alarming rate and the company is trying to IPO it's frequent flier program to stave off more dilution. I say #$%$ to this. What is "smiles" worth?!! $150-200 million USD??! So this basically buys the company 6 months at the rate it's burning cash