GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) says it has agreed to enter into several strategic transactions with the Constantino Family, Gol's controlling shareholder, and Delta Air Lines (DL, Atlanta Hartsfield Jackson) to strengthen the airlines' strategic alliance and enhance the Brazilian LCC's financial position and liquidity.

Under the accord, the Constantino Family, through their Brazilian investment fund FIP Volluto, will buy up to USD90 million worth of newly issued preferred shares in GOL. For its part Delta, which will acquire USD56 million in newly issued preferred GOL shares, will also guarantee third-party loans to Gol of up to USD300 million.

Edimar Prado Lopes Neto, Gol's Chief Financial Officer, told Reuters last week that depending on market conditions, his airline intends to borrow the money later this year. Aside from Delta's guarantees, the carrier intends to back the loan with shares in its Smiles frequent-flyer plan.

Delta now owns 2.9% of Gol's non-voting preferred shares with Air France-KLM Royal Dutch Airlines holding 1.5%.