SAO PAULO (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."