Brazilian airline Gol Linhas Aereas Inteligentes announced on Wednesday that it would receive Boeing Co's 2.4 billion reais ($ 412 million) in compensation for the landing of the 737 MAX aircraft.
The aircraft has not flown in more than a year because two fatal crashes forced regulators to check the safety of its design.
The timing of payments has become a lifeline for Gol, who, like his colleagues around the world, has been affected by the coronavirus crisis.
However, the disclosure also provides a point of reference for what type of compensation other airlines can receive.
Gol, Brazil's largest airline, is one of Boeing's largest customers and has ordered more than 100 Boeing 737 MAX aircraft. These orders have since been reduced and Gol said there will be no new aircraft payments to Boeing in the next two years.
The company flies only Boeing 737 aircraft and mimics Southwest Airlines Co's business model, which has only partially reached agreement with Boeing and has announced plans to share $ 125 million with employees.
In a securities registration, Gol said the coronavirus crisis resulted in an 80% drop in turnover to 138 million reais in April. April was the first full month of travel restrictions around the world due to the pandemic, and Gol is one of the first airlines to report its effects.
The company claims to have enough cash to continue operating for more than 10 months.
However, Gol said it is discussing additional funding of up to 1 billion reais with undisclosed companies. Gol has also said in the past that he is discussing funding of up to 3 billion reais with the Brazilian BNDES state bank. It is unclear whether this is the same or a separate source of funding.
(Except for the headline, this story was not edited by NDTV staff and published from a syndicated feed.)