SAO PAULO, Jan 15 (Reuters) - Brazilian airline Gol

released a revised five-year strategic plan on

Wednesday as it prepares to exit Chapter 11 bankruptcy

proceedings, saying the new forecasts would serve as a base for

its reorganization.

Gol said in a securities filing it expects to emerge from

Chapter 11 in May, and sees its net leverage "substantially

improving" going forward as it rebuilds its network and returns

to "normal levels" of core earnings by next year.

The carrier, one of Brazil's largest, filed for Chapter 11

in the United States in early 2024 as it grappled with high

debts, hit by a fall in traffic due to the COVID pandemic and

Boeing ( BA ) delivery delays.

"We have secured lessor concessions, addressed maintenance

and past-due liabilities, launched a profit improvement plan,

and reached agreements with key stakeholders," Gol's Chief

Executive Celso Ferrer said in a statement.

"When implemented through the reorganization plan, they will

deleverage Gol's balance sheet."